Glencore international, the swiss commodities trader, announced on thursday that its merger with the mining giant xstrata was complete and that shares in the newly combined company, called glencore xstrata, would start trading in london on friday. The merger will increase the diversification of both companies, with glencore achieving stronger control over the highquality mining resources of its currently 34% associate xstrata, and the. Nov 20, 2012 glencore, the commodities trader, has confirmed today that its in advanced talks with mining firm xstrata over a potential merger. Xstrata s shareholders other than glencore would have a 45% stake in the new firm. Glencore xstrata is one of the worlds largest global diversified natural resource companies and is one of the biggest companies within the ftse.
Glencore has long been strongly associated with a number of mining companies, not least the publicly traded xstrata. The multibillion dollar merger between commodities giant glencore and mining group xstrata appears close to collapse after glencore said it could walk away from the. Mining and metals group glencore international plc has completed its longawaited merger with xstrata plc to form the worlds fourth biggest mining company and the worlds biggest commodities trader. May 02, 20 london one of the worlds largest deals in recent years has finally reached the finishing line. Glencore international plc merger update merger completed. Glencore xstrata plc drops merger name operations mining. Sep 10, 2012 l ike former barclays chief executive bob diamond, the bosses of glencore and xstrata are a breed apart. Investors are expecting the documents to lay out minutiae of the deal, including payments due to the two sides advisers, remuneration details and. This statistic shows commodities company glencore s sales of energy products from 2010 to 2019. Glencore international plc merger update merger completed glencore is pleased to announce that the new scheme and the merger have now become effective and the entire issued ordinary share capital of xstrata is owned by the glencore group.
It is expected that the deal will be completed by the end of the year. Glcnf and xstrata plc has been completed and the result is a new company called glencore xstrata. Today, im going to take a look at glencore xstrata, the result of the recent merger of mining firm xstrata and commodity trading giant glencore international. Glencore plc was newly formed in may 20 after a merger with xstrata. London one of the worlds largest deals in recent years has finally reached the finishing line. Nov 20, 2012 glencore shareholders dig xstrata merger. Glencore and xstrata officially announced the merger agreement on tuesday. Scheme shareholders on the register at the scheme record time, being 6. The merger was initially set up and portrayed as a merger of equals. Glencore plc is a british multinational commodity trading and mining company with headquarters in baar, switzerland, and its registered office in saint helier, jersey. May 22, 2014 glencore has decided to drop xstrata and is now simply glencore. A merger between glencore and xstrata offers a unique opportunity to create a new business model in our industry to respond to a changing environment, said xstrata chief executive mick davis, who.
Glencore, xstrata target powerhouse mining merger the. Glencore, which already controls 34 per cent of xstrata, cannot vote. Instead, the trading and mining titan created by the merger of glencore and xstrata last may will change its name, dropping the dual moniker for something simpler. Mar 05, 2012 glencore said that it was sticking to the terms of its proposed merger with xstrata, insisting that what it was offering the miners shareholders was fair. Glencores merger with xstrata hits the rocks the source.
Dealtalkmichael klein helps glencore, xstrata finally tie knot. Update 1glencore talking to investors on xstrata merger. They are responsible for ensuring the shareholder details are recorded accurately. Aug 20, 20 glencore xstrata, whose merger this year combined a mining company, xstrata, with a commodity trading house, glencore international, said the writedown was a result of residual good will from the acquisition of xstrata that could not be supported. By merging with xstrata, glencore would enhance its position in emerging markets like africa, kazakhstan and south america. News of a merger between xstrata and glencore has sent shockwaves across the mining industry and beyond. This statistic shows commodities company glencore s sales of metal and mineral products from 20 to 2019. Glencore xstrata what it could mean for commodities. Glencore, xstrata seal worlds biggest mining merger. Glencore to buy xstrata in biggest mining merger bloomberg. Glencore xstrata plc, founded in 20 and headquartered in baar, switzerland is a public owned company serving worldwide in the segment of metals and minerals, energy products and agricultural products. Feb 07, 2012 under the terms of the deal, xstrata shareholders would receive 2. Glencore is a globally operating company, and the worlds leading commodities trading.
The merger proposal has been in danger since sovereign wealth fund, qatar holding, xstrata s second largest shareholder with an 11. In july 2012, xstrata plc announced that the court meeting originally scheduled for 12 july 2012 to approve the details of the merger between xstrata and glencore had been adjourned to 7 september 2012. Merged glencore, xstrata would take aim at iron ore reuters. The clearance is conditional on the termination of glencore s. Shareholders of the swiss commodities giant glencore and swiss mining group xstrata have overwhelmingly approved a merger of the two companies to create a. Xstrata later said the deal would go ahead without the retention package in a major coup for glencore chief executive ivan glasenberg, who will. Update 1 glencore talking to investors on xstrata merger ft. Lexs stuart kirk and julia grindell discuss how underlying earnings were supported. The current company was created through a merger of glencore with xstrata on 2 may 20. Recommended allshare merger of equals of glencore international plc and xstrata plc to be effected by means of a scheme of arrangement under part 26 of the companies act 2006 this document including any documents incorporated into it by reference should be read as a whole and in conjunction with the accompanying forms of proxy. Dealtalkmichael klein helps glencore, xstrata finally tie. European commission press release details page european commission press release brussels, 22 november 2012 the european commission has cleared under the eu merger regulation the proposed acquisition of xstrata, the worlds fifth largest metals and mining group, by glencore, the worlds leading metals and thermal coal trader. Im excited about my future, i can see that its bright.
Mining company xstrata and commodities dealer glencore international have agreed to a merger that creates the worlds fourth largest natural. Adding to the controversy is small print in the document outlining to investors the retention package. View glcnf business summary and other industry information. Glencore xstrata confirms top legal role as mega merger completes the newly merged glencore xstrata has named former glencore general counsel richard marshall as its head of legal, following the. Glencorexstrata vote delayed as aussie regulator oks deal. Xstrata plc was an angloswiss multinational mining company headquartered in zug, switzerland and with its registered office in london, united kingdom. Five reasons glencorexstrata megamerger is important. Nov 29, 2012 overview the shareholders of glencore international plc and xstrata plc have approved the merger of the two companies, and we expect it to be finalized in the next few months. The multibillion dollar merger between commodities giant glencore and mining group xstrata appears close to collapse after glencore said it could walk away from the deal rather than give in to. Glencore said that it has held constructive consultation with the commission and has decided to formally notify the eu of its merger of equals with xstrata, a tieup that would create the world. Apr 21, 2020 glencore xstrata plc company facts, information and stock details by marketwatch. Glencores merger with xstrata hits the rocks the source wsj. The companies said the price marks a 15% premium over the value of xstrata shares on. Regulation ec no 92004 merger procedure article 61b in conjunction with art 62 date.
Nov 22, 2012 european commission press release details page european commission press release brussels, 22 november 2012 the european commission has cleared under the eu merger regulation the proposed acquisition of xstrata, the worlds fifth largest metals and mining group, by glencore, the worlds leading metals and thermal coal trader. The merger offer was first announced in february, when glencore offered 2. Mining giant xstrata merges with glencore international. Glencore has appointed computershare investor services as its registrar in both jersey and hong kong. Glencore already had a 34 per cent stake in xstrata. Glencore sales of metal and mineral products 2019 statista. It was only in may of last year, 20, that this trading and mining giant came together through the merger of glencore and xstrata. The glencorexstrata merger will create significant. The registrar manages glencore share registers on its behalf.
Glencore, xstrata to submit merger plan to eu new york post. Xstrata and glencore shareholders approve merger bbc news. These mining and commodities trading giants, which are in the midst of a. Glencore international, the largest commodities supplier, agreed to buy xstrata for 39. Glencore xstrata takes writedown after merger dealbook. Glencorexstrata deal under threat business the guardian.
The matter of a merger between glencore international ag and xstrata plc has been on investors minds since glencore went public last may. After the merger with glencore, the xstrata cfo trevor reid announced that he would not continue to work as employee but as consultant. Glencore completed its takeover of xstrata on thursday, 450 days after the commodities trading house and the mining company announced what was initially planned as a merger of equals. May 27, 2012 glencore to lay out xstrata merger plans. Shareholders will be able to vote on the merger in april, after glencore s full year results have been announced. Commodities trader glencore and diversified miner xstrata said monday they had reached an agreement on the final terms of a revised allshare merger of the two companies, which would be independent of shareholder approval of proposed retention packages for senior xstrata officials. Under the new terms of the deal, glencore chief executive ivan glasenberg will take control of the company six months after the merger. Glencore profile, history, founder, founded, ceo mining. Xstrata confirms merger approach to anglo american 21 jun, 2009, 03. Glencore and xstrata strike mining merger, but some balk. Xstrata is considering an allshare merger of equals with glencore, which would leave the new entity with low enough debt to fund a big push. After months of negotiations, the offer was increased to 3.
Xstrata, glencore agree to terms on merger the globe and. Those in the know have already pointed out that a merger has been on the cards for the past five years or so so this hasnt exactly come as a shock. Aug 21, 2012 the merger proposal has been in danger since sovereign wealth fund, qatar holding, xstratas second largest shareholder with an 11. Xstrata extracts more from glencore merger business.
Shareholder documentation relating to the merger of glencore international plc glencore and xstrata plc xstrata, announced on 7 february 2012 the merger has today, been published by the two companies. Glencore xstrata confirms top legal role as megamerger. Glencore finishes takeover of xstrata financial times. Feb 03, 2012 merged glencore, xstrata would take aim at iron ore. It was a major producer of coal and the worlds largest exporter of thermal coal, copper, nickel, primary vanadium and zinc and the worlds largest producer of ferrochrome. May 02, 20 glencore completed its takeover of xstrata on thursday, 450 days after the commodities trading house and the mining company announced what was initially planned as a merger of equals. Xstrata, glencore agree to terms on merger the globe and mail.
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