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Commodities Briefing - Category | M&A more

NYSE Euronext to sell its 4.79pct stake in MCX

Posted on 07 March 2013 by VRS  |  Email |Print

NYSE Euronext, which operates the New York Stock Exchange, is selling its 4.79% stake in MCX, the country’s largest commodity exchange. The sale, likely to take place on Thursday, will be at a 3-5% discount to Wednesday’s closing price of Rs 1,058 a share, said a person aware of the development.
Goldman Sachs Fund is expected to be the buyer, he added. The size of the deal would be in the region of Rs 250 crore and comes after a one-year lock in period since the listing of the bourse in March last year. At this price, NYSE will make a small gain of 4-5% on its investment of Rs 240 crore in MCX in 2008………………………………………..Full Article: Source

Will we see consolidation in the gold mining industry?

Posted on 04 March 2013 by VRS  |  Email |Print

As the gold mining sector plunges to the end of a cyclical bear market, one wonders if this ongoing selling climax will precipitate a catalyst for more mergers and acquisitions in the industry. The last 12 years tells us that these transactions tend to follow the market itself but with a lag.
Peaks in M&A activity (in global mining) in terms of number of transactions and value occurred in 2006-2007 and 2010-2011 while troughs occurred in 2002 and 2008-2009. According to Ernst & Young, 2012 had the lowest number of global mining deals since 2008 and the lowest in terms of value since 2009………………………………………..Full Article: Source

Mining M&A sees the rise of a new class of investor - E&Y

Posted on 19 February 2013 by VRS  |  Email |Print

A number of high-cost mines are high cost because they have been starved of capital in recent years. As a result, Ernst & Young expects “a good number of these mines to be divested by the majors to owners with capital available for acquisition and reinvestment.”
In their report, Mergers, acquisitions and capital raising in mining and metals, 2012 trends, 2013 outlook, When opportunity knocks, who answers?, Ernst & Young observed that a key characteristic of last year’s deal activity was the increasing number of state-backed and financial investors funding the growth of mining and metals through mergers and acquisitions…………………………………….Full Article: Source

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Japan Exchange happy to talk to foreign bourses, CEO says

Posted on 06 February 2013 by VRS  |  Email |Print

Japan Exchange Group Inc. , created by the merger of the nation’s two biggest bourses, is willing to pursue an alliance or merger with an overseas exchange to drive growth, Chief Executive Officer Atsushi Saito said.
CME Group Inc. (CME), the world’s largest futures exchange, Deutsche Boerse AG (DB1), owner of the Frankfurt bourse, BM&FBovespa SA (BVMF3), operator of Latin America’s biggest trading venue, and Korea Exchange Inc. are all partners the company would be prepared to negotiate with, Saito said……………………………………….Full Article: Source

Writedowns near $50 bln as M&A haunts mine CEOs: Commodities

Posted on 31 January 2013 by VRS  |  Email |Print

The world’s biggest mining and steel companies have wiped about $50 billion off project valuations in the past year and the purge is poised to continue this earnings season as managers reassess expensive takeovers.
Anglo American Plc (AAL), Vale SA (VALE3) and Rio Tinto Group (RIO) led the writedowns as declining metal prices, rising project costs and slowing demand forced reviews. Glencore International Plc (GLEN) may write down some nickel and copper assets acquired through its takeover of Xstrata Plc (XTA), Liberum Capital Ltd. has said. BHP Billiton Ltd. (BHP) may trim aluminum operation valuations, according to Goldman Sachs Group Inc. and Sanford C. Bernstein Ltd………………………………………..Full Article: Source

Why mining M&A is on hold

Posted on 24 January 2013 by VRS  |  Email |Print

Commodity prices are rebounding, but don’t hold your breath for megadeals in mining as a new crop of CEOs takes over.
At least 20 mining chief executive officers have stepped down in the past year, many under pressure from investors and boards. Tom Albanese, CEO at Rio Tinto PLC, was the latest to leave the corner office, agreeing to step down last week as the mining giant said it would write off roughly $14 billion in the value of various assets………………………………………..Full Article: Source

Commodities upstart ICE in $8bn takeover of New York Stock Exchange $8bln

Posted on 21 December 2012 by VRS  |  Email |Print

Two centuries of independence for the New York Stock Exchange are set to come to an end after its operator, NYSE Euronext, agreed to sell itself to Inter-continentalExchange, the commodities-focused markets business, in an $8bn (£5bn) deal.
In all, the combined stock market behemoth will own 14 exchanges, along with five clearing houses, giving ICE the heft to go head to head with larger rivals such as CME, which runs derivatives and futures exchanges in New York and Chicago, and the Frankfurt-based Deutsche Börse, whose own gambit to join forces with NYSE Euronext was thwarted by European competition regulators………………………………………..Full Article: Source

A tale of 2 companies - Consolidation in the global steel industry

Posted on 04 December 2012 by VRS  |  Email |Print

It’s interesting to note that countries worldwide are scrambling to build new steel mills. It’s been reported that by 2016, approximately 100 new mills will be coming online globally. Some of the countries where mills will be added include Bolivia, Peru, Ecuador and Vietnam.
The governments of these countries, uniformly, see adding steel mills as a way to cut imports, be able to provide steel to their country’s manufacturers and stimulate their industrial development………………………………………..Full Article: Source

Takeover approved for Metal Exchange

Posted on 30 November 2012 by VRS  |  Email |Print

Regulators approved the planned takeover of the London Metal Exchange (LME) by Hong Kong Exchanges and Clearing (HKEx). This means the deal to buy one of the City’s oldest – and certainly its most unusual – trading venues could complete as early as 6 December, bringing to an end 135 years of member-ownership.
LME is one of the few venues in the world that still practises open outcry trading and visitors to its Leadenhall Street offices can still see traders enter the ring and use arcane hand signals to buy and sell copper, aluminium, lead, nickel, tin and zinc………………………………………..Full Article: Source

Global mining and metals deal values and volumes down

Posted on 29 November 2012 by VRS  |  Email |Print

Global mining and metals deal values and volumes are down, with Canadian numbers falling in the first nine months this year, advisory firm Ernst & Young’s (E&Y’s) seventh twice-yearly ‘Global Capital Confidence Barometer’ has found.
Deal values had declined by 43% year-on-year and volumes had declined by 16% year-over-year. “Our survey results reveal that only 38% of companies, down from 53% in April, are focused on growth in the next 12 months, while 27% are refocusing on business fundamentals, including cost reduction and operational efficiency,” E&Y Canadian mining and metals leader Bruce Sprague said on Wednesday………………………………………..Full Article: Source

Xstrata-Glencore merger backed by European Commission

Posted on 23 November 2012 by VRS  |  Email |Print

The European Commission has given its backing to commodities giant Glencore’s $31bn (£19.5bn) bid to take over mining firm Xstrata. But as a condition, Glencore must scrap an exclusive deal with Nyrstar, the world’s largest zinc metal producer, and sell its 7.8% stake in the firm.
Both Xstrata and Glencore shareholders have already voted overwhelmingly to merge the two companies. The deal still requires regulatory approval in China and South Africa………………………………………..Full Article: Source

“Glenstrata” fusion approved by shareholders

Posted on 21 November 2012 by VRS  |  Email |Print

Xstrata shareholders have rubber-stamped the takeover of the mining group by commodities trader Glencore to create a $70 billion industry giant. Glencore and Xstrata shareholders approved the transaction at two separate meetings in Zug on Tuesday. Completion of the deal is still subject to approvals by regulators including the European Commission.
The merger will create an international powerhouse company that will control both the extraction of many raw materials – particularly minerals – and their distribution around the globe………………………………………Full Article: Source

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Countdown begins for commodities mega merger vote

Posted on 20 November 2012 by VRS  |  Email |Print

Shareholders in commodities giant Glencore and mining group Xstrata are to vote Tuesday on a proposed $33 billion mega merger at two extraordinary general meetings near Zurich.
Glencore shareholders are first up on Tuesday at 0800 GMT at the company’s headquarters in Zug, while Xstrata’s vote is planned for 1315 GMT in the same Swiss canton. Both Swiss-based companies had been set to approve the blockbuster merger in September but the deal ran into major resistance from key Xstrata shareholders demanding better conditions………………………………………..Full Article: Source

China’s mining, metals industries pursue M&A possibilities overseas

Posted on 07 November 2012 by VRS  |  Email |Print

China’s mining and metals companies are taking advantage of global caution to seize merger and acquisition opportunities in the sector in overseas markets, experts at Ernst & Young Global Ltd said on Monday.
The first nine months of this year saw 684 deals worth a combined $76.8 billion in the global mining and metals sector. The number of deals dropped by 16 percent year-on-year, while the total value of all transactions decreased by 43 percent compared with the same period in 2011………………………………………..Full Article: Source

Mining slump, China’s M&As to the rescue

Posted on 18 October 2012 by VRS  |  Email |Print

The mining sector had enjoyed ten glorious years of soaring commodity prices and even higher demand. Yet, this was never guaranteed to last forever, as the sector would inevitably succumb to the ups and downs of the global economy.
As miners experience a sudden downturn, they should adapt to a new era of cutting costs, take less risks and debts, while mergers and acquisitions, or M&As, would become more of a necessity for some companies………………………………………..Full Article: Source

Morgan Stanley commodities talks with Qatar hit snag

Posted on 05 October 2012 by VRS  |  Email |Print

Morgan Stanley’s talks with Qatar’s sovereign wealth fund over the sale of its commodities business have run into difficulty, and the deal may need to be reworked if it is to go ahead, banking sources said.
One of the top banks in commodity trading over the past 30 years, Morgan Stanley has been in discussion for more than a year with Qatar over the sale of at least a majority stake in the energy-focused trading business, the bankers said………………………………………..Full Article: Source

$90bln global mining giant Glencore-Xstrata inches closer: Deal depends on Qatar now

Posted on 02 October 2012 by VRS  |  Email |Print

The long and winding road that has been the attempted merger between miner Xstrata and commodities trading house Glencore seems to be nearing its end. On Monday, the board of Xstrata recommended the “all-share merger of equals” to its shareholders, putting a controversial £144 million ($232 million) bonus package up for vote.
Also, Xstrata confirmed that CEO Mick Davis would lead the combined company, worth about $90 billion, for six months, only to step down (without taking a big bonus) and let billionaire Ivan Glasenberg take the reins. All eyes are now on the Qatari sovereign wealth fund, which is one of the major shareholders and will be crucial in tilting the scale to either side………………………………………..Full Article: Source

Glencore buyout ‘to be recommended’

Posted on 01 October 2012 by VRS  |  Email |Print

Mining giant Xstrata is reportedly planning to recommend that its shareholders back a revised multibillion-pound merger with commodities trader Glencore. Mining giant Xstrata is reportedly planning to recommend that its shareholders back a revised multibillion-pound merger with commodities trader Glencore.
It is understood the decision comes after a weekend of talks and will be announced on Monday, coinciding with a deadline set by the City takeover panel. The merger has turned into a long-running saga since being proposed in February, amid shareholder discontent over the terms………………………………………..Full Article: Source

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Glencore confirms new Xstrata bid terms

Posted on 11 September 2012 by VRS  |  Email |Print

Commodities giant Glencore has officially confirmed the terms of its improved merger offer to mining group Xstrata, made on Friday.
Under the new terms, Xstrata boss Mick Davis would head the combined group for six months before making way for Glencore’s Ivan Glasenberg. Glencore has offered 3.05 of its shares for each Xstrata share, up from its original offer of 2.8 shares………………………………………..Full Article: Source

Miners’ woes may prompt consolidation rush

Posted on 10 September 2012 by VRS  |  Email |Print

Media speculation that Andrew Forrest’s Fortescue Metals and Gina Rinehart’s Roy Hill iron ore project might share the costs of building a railway rather than construct separate rail lines is a sensible idea but not new.
Members of the Fortescue board have discussed the issue on a number of occasions over the past couple of years but the proposal failed to get anywhere.Still, with the first stage of the mining boom fading fast - iron ore prices are falling, costs remain too high, and raising finance is becoming increasingly difficult - a deal between the billionaires Rinehart and Forrest might not be out of the question………………………………………..Full Article: Source

Glencore set to detail $36-bln Xstrata bid

Posted on 10 September 2012 by VRS  |  Email |Print

Trader Glencore, hammering out a revised $36-billion bid for miner Xstrata in intense weekend negotiations, is set to detail its new offer to the market as early as Monday, days after proposing 11th-hour changes to save the deal.
Sources familiar with the deal said commodities trader Glencore, keen to clarify its own position but also under pressure from Xstrata and UK regulators, would publish details of the higher offer early next week………………………………………..Full Article: Source

Giant mines merger set to fall through

Posted on 03 September 2012 by VRS  |  Email |Print

Advisers to lose millions as Xstrata shareholders prepare to vote down £53bn deal with Glencore. Investment bankers working on the troubled Glencore-Xstrata £53bn megamerger will lose almost £70m in fees if, as expected, the deal collapses this week.
Big name banks working on both sides of the merger, including Citi, Morgan Stanley, JP Morgan and Goldman Sachs, were expecting to share a success fee pot of up to £82m when the deal was finalised. However, it is thought they will receive around 10 per cent of that, after shareholder Qatar Holding, which has recently built a 12 per cent stake in Xstrata, confirmed plans last week to effectively torpedo the deal………………………………………..Full Article: Source

Global metals M&A deal value could drop 20pct -PwC

Posted on 10 August 2012 by VRS  |  Email |Print

While the second quarter saw declines in both deal volume and value in mergers and acquisitions in the global metals sector, a PwC report made public Thursday revealed that acquirers from emerging and developing economies accounted for 65% of all deal making valued at $50 million or more.
The number of deals worth $50 million or more in the global metals sector fell during the second quarter of the year from 41 deals during the second-quarter 2011 to 20 deals with a total deal value of $8.9 billion reported during each quarter………………………………………..Full Article: Source

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Glencore courts Qatar as Xstrata tweaks merger pay: Commodities

Posted on 28 June 2012 by VRS  |  Email |Print

Glencore (GLEN) International Plc and Xstrata Plc (XTA), seeking to salvage the year’s biggest takeover, moved to appease dissident investors who have threatened to derail the 16 billion-pound deal ($25 billion).
Glencore yesterday met with Xstrata’s second-biggest shareholder, Qatar Holding LLC, over the sovereign wealth fund’s call for a 16 percent increase in the commodity trader’s bid, people familiar with the London talks said. Xstrata revised payments for executives intended to keep them at the combined company by adding a link to performance after holders attacked the bonuses as excessive………………………………………..Full Article: Source

How the deal of the year, between the commodity giant Glencore and miner Xstrata, has gone wrong

Posted on 28 June 2012 by VRS  |  Email |Print

For a deal that everyone was expecting, the Glencore-Xstrata merger has a nasty habit of throwing up surprises. And few of them have been pleasant.
The biggest yet was served up on Tuesday evening. Qatar, the emirate that is Xstrata’s second largest shareholder, issued a shock demand for an improvement in the £42bn deal’s merger terms. The price, Qatar said, was too low………………………………………..Full Article: Source

Simon English: What would you pay for a slightly used commodities giant?

Posted on 28 June 2012 by VRS  |  Email |Print

Outlook Last May the commodities trading giant and all around company-of-the-future Glencore came to the stock market, turning a private concern into a public company owned by our pension funds and other supposedly savvy investors.
More than a few sages – and a bunch of blokes on the 341 bus through north-east London, who openly know nothing about the commodities market – made the following observation………………………………………..Full Article: Source

Hong Kong LME bid faces regulator as $32 bln in deals killed

Posted on 18 June 2012 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd.’s bid for the London Metal Exchange, the most expensive bourse merger over $1 billion, may succeed in gaining the approval of regulators who’ve scuttled $32 billion of similar cross-border deals.
Hong Kong’s offer of 107.6 pounds a share, or 180 times LME’s 2011 net income, requires approvals from LME’s shareholders and the U.K……………………………………….Full Article: Source

China should not be allowed to buy the LME

Posted on 30 May 2012 by VRS  |  Email |Print

For 135 years, the London Metal Exchange has been at the heart of world industry, setting prices for metals from aluminium to zinc.
Its role in global commodity trading is a key piece of market infrastructure for buyers and sellers and consequently one of the reasons for London’s pre-eminence as a trading hub………………………………………..Full Article: Source

Japan’s Marubeni buys US grain giant Gavilon for $3.6 bln

Posted on 30 May 2012 by VRS  |  Email |Print

Japanese trading house Marubeni Corp. said Tuesday it has agreed to buy US grain giant Gavilon LLC for about $3.6 billion in the largest cross-border move by a Japanese company this year.
By acquiring the US firm, Marubeni “will achieve a total dealing amount of more than 55 million tonnes worldwide and further strengthen its competitiveness of grain trade,” it said in a statement………………………………………..Full Article: Source

Mining slump feeds M&A as projects overrun budgets: Commodities

Posted on 23 May 2012 by VRS  |  Email |Print

The world’s largest mining companies led by BHP Billiton Ltd. (BHP) are struggling with higher costs to complete $200 billion in new projects, prompting them to slow work and turn instead to acquisitions and asset sales.
BHP and Rio Tinto Group (RIO), ranking first and third by sales, this month said they’ll ration capital spending because of escalating costs and a slower-than-expected global economy………………………………………..Full Article: Source

H.K. should end bourse monopoly if LME won, rival says

Posted on 18 May 2012 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd., one of three remaining bidders for the London Metal Exchange, should lose government protections against competition if it begins commodities trading, Hong Kong Mercantile Exchange Chief Operating Officer William Barkshire said.
Hong Kong Exchanges, Intercontinental Exchange Inc. and CME Group Inc. are the remaining contenders for the LME, which handles more than 80 percent of global metals futures, after NYSE Euronext, the biggest U.S. exchange owner, was removed from the bidding………………………………………..Full Article: Source

HKEx may win LME with China card

Posted on 17 May 2012 by VRS  |  Email |Print

A new owner for the London Metal Exchange could be announced soon, and Hong Kong’s stocks-focused bourse, one of the three remaining bidders, sees it as the quick entry it is seeking into the commodities business.
For the LME, picking Hong Kong Exchanges & Clearing Ltd. would give the 135-year-old member-owned exchange better access to China and its hunger for resources………………………………………..Full Article: Source

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NYSE removed from bidding for London Metal Exchange

Posted on 17 May 2012 by VRS  |  Email |Print

NYSE Euronext (NYX) was removed from the list of buyers of the London Metal Exchange, the largest metals market. NYSE Euronext, the biggest U.S. exchange owner, was notified of the decision, James Dunseath, an exchange spokesman in London, said.
“We put in a proposal that we thought offered a fair value. We wish the LME well.”……………………………………….Full Article: Source

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Hong Kong Exchanges said to make offer for London Metal Exchange

Posted on 11 May 2012 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd. (388), Asia’s biggest bourse operator, submitted a takeover bid for the London Metal Exchange, two people with knowledge of the matter said.
“LME is a big opportunity for all exchanges,” Kenneth Yue, an analyst at CCB International Securities Ltd., said in Hong Kong. “If Hong Kong Exchanges can win the bidding, it will definitely be good for the exchange in the long run. Many analysts think that the cash market is mature.”……………………………………….Full Article: Source

Hong Kong Exchanges confident over LME bid

Posted on 08 May 2012 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing Ltd. Chief Executive Charles Li is confident about the exchange operator’s chances of acquiring the London Metal Exchange, the South China Morning Post reported Tuesday.
The paper said HKex would help link up the exchanges on the mainland with their international peers if its bid is successful………………………………………..Full Article: Source

SGX not bidding for LME

Posted on 08 May 2012 by VRS  |  Email |Print

“SGX is not in the contest for London Metal Exchange,” Chew Choon Seng, chairman of SGX, said in Singapore on Monday, according to Bloomberg reports.
Mr Chew said SGX plans to build its business through partnerships such as a metal-trading venture it has with LME. The LME on March 29 said it is in the process of answering questions from bidders, who must submit offers by today. At stake is control of the marketplace that handles more than 80 per cent of industrial metals futures………………………………………..Full Article: Source

Solar to drive European green energy M&A in Q2-PwC

Posted on 07 May 2012 by VRS  |  Email |Print

Europe’s solar power market is expected to drive a rebound in activity in the region’s renewable energy mergers and acquisitions (M&A) sector in the second quarter, consultancy PwC said in a report on Monday.
A steep drop in module prices is expected to accelerate demand, making the sector an attractive long-term investment opportunity set to revive power market M&A after a weak start to the year, PwC said………………………………………..Full Article: Source

HK exchange considers London Metal Exchange bid

Posted on 02 May 2012 by VRS  |  Email |Print

Hong Kong’s stock market operator said Monday it’s studying a bid for London’s metal trading market, a move that comes after the exchange earlier this year announced plans to expand into commodities to capitalize on Chinese demand.
Hong Kong Exchanges and Clearing Ltd. said in a statement that it’s one of a number of parties examining a possible acquisition of the 135-year-old London Metal Exchange………………………………………..Full Article: Source

Commodities trader Glencore signs $6 bln merger loan: bankers

Posted on 19 April 2012 by VRS  |  Email |Print

Commodities trader Glencore signed a $6 billion syndicated loan backing its $90 billion merger with miner Xstrata on Tuesday after raising nearly $11 billion in syndication, banking sources said on Wednesday.
The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley to show regulators that Glencore has enough working capital to fund the merger…………………………………………Full Article: Source

High metals demand spurs merger of recyclers

Posted on 10 April 2012 by VRS  |  Email |Print

Capitalizing on booming demand for precious metals, two privately held companies have combined to establish the largest recycler of gold and silver in North America.
The merger of NTR Metals of Dallas and Ohio Precious Metals, of Jackson, Ohio, has formed a company that will produce about 10% of the world’s recycled gold, according to Bill LeRoy, president of Ohio Precious Metals………………………………………..Full Article: Source

ICAP buys ICE cotton options broker; beats out rivals

Posted on 03 April 2012 by VRS  |  Email |Print

ICAP Corporates has bought New York-based cotton options broker VIP Commodities, beating out bids from three other firms, as part of an expansion of its softs business.
The broker-dealer plans to move into cotton even as historic prices and volatility forced some merchants out of the market and cost others hundreds of millions of dollars in losses………………………………………..Full Article: Source

Commodities firm Glencore to buy Canada’s Viterra

Posted on 21 March 2012 by VRS  |  Email |Print

Swiss-based commodities firm Glencore International PLC agreed Tuesday to buy Canada’s largest grain handling company Viterra Inc., in a deal valued at 6.1 billion Canadian dollars ($6.14 billion).
Glencore will immediately sell on the majority of Viterra’s Canadian assets and certain other businesses to Agrium and Richardson International for about CA$2.6 billion in cash, it said………………………………………..Full Article: Source

Jefferies to buy MF Global precious-metals assets

Posted on 15 March 2012 by VRS  |  Email |Print

Investment bank Jefferies Group Inc.’s commodities arm has agreed to buy the gold, silver and other precious-metals assets from the trustee liquidating MF Global Holdings Ltd.’s brokerage business.
James Giddens, the trustee overseeing the liquidation of MF Global’s brokerage’s commodities business, said in a court filing Monday that an offer from Jefferies Bache Financial Services Inc. is the “best available opportunity” to sell the remaining physical property under his control………………………………………..Full Article: Source

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Anglo’s diamonds seen as M&A turnoff for Glencore: Commodities

Posted on 14 March 2012 by VRS  |  Email |Print

Anglo American Plc (AAL)’s $5.1 billion plan to almost double its diamond business and platinum mines that are missing targets risk killing its allure as a takeover target for a merged Glencore International Plc-Xstrata Plc.
Anglo has agreed to buy an additional 40 percent of De Beers, the biggest producer of diamonds, a gem shunned by most commodities companies because it only trades over-the-counter. Cynthia Carroll, chief executive officer of London-based Anglo, said last month she’s reviewing its platinum operation, saying returns “are not acceptable.”……………………………………….Full Article: Source

CME Group in courtship with Tokyo Commodity Exchange

Posted on 14 March 2012 by VRS  |  Email |Print

Japan’s largest commodity exchange, The Tokyo Commodity Exchange Inc. (Tocom), is seeking a capital and business alliance with CME Group. CME Group is likely to take 20% stake in the Japanese exchange that could pave the way for the CME to list its products on Tocom.
CME Group is expanding globally by forging product and technology alliances as mergers and acquisitions have proved largely unsuccessful for rivals such as NYSE Euronext and Nasdaq OMX in recent times………………………………………..Full Article: Source

ICE, CME leave door open for possible LME bid

Posted on 08 March 2012 by VRS  |  Email |Print

InterContinental Exchange and CME Group Inc left doors open on Wednesday that each may make a bid for the smaller London Metal Exchange.
The two U.S. rivals in the energy and commodity exchange space have never confirmed that they have bid for the 135-year old base metal and steel futures exchange, but sources have named them as suitors alongside Hong Kong Exchanges and Clearing Ltd and NYSE Euronext………………………………………..Full Article: Source

2011 blockbuster year in mining M&A deals - PwC

Posted on 07 March 2012 by VRS  |  Email |Print

2011 was a tough year for the resources markets as most base metals dropped 20% or more in value and the annual performance of precious metals, as a group (with the exception of gold) was also rather dismal.
Nevertheless, in spite of dropping equity valuations for most miners, last year was the “second busiest year of mining M&A activity in history” with total disclosed values of $149 billion, a 33% increase over 2010, says PwC’s Global Mining Group………………………………………..Full Article: Source

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Mitsui seeks copper acquisitions with record $17 bln cash: Commodities

Posted on 06 March 2012 by VRS  |  Email |Print

Mitsui & Co., holding a record $17 billion in cash, wants to buy mining stakes and expand operations to triple copper output and more than double coal production, easing its reliance on iron ore sales.
The biggest Japanese iron ore supplier is looking to buy 9 million metric tons of annual coal production from Russia, Australia, South America and Africa, Fuminobu Kawashima, head of resources of the Tokyo-based company, said……………………………………….Full Article: Source

Glencore sticks to its guns on Xstrata merger terms

Posted on 06 March 2012 by VRS  |  Email |Print

Commodities trader Glencore brushed aside requests from Xstrata investors to improve an agreed $37 billion bid for the miner, saying its existing offer was fair to all shareholders and emphasising its own growth prospects.
Glencore’s tie-up with Xstrata, in which it already owns a 34 percent stake, would be the largest deal in the mining sector since Rio Tinto’s acquisition of Alcan in 2007, but has faced opposition from some key Xstrata shareholders who say the terms do not recognise the company’s potential………………………………………..Full Article: Source

For sale: The London Metal Exchange?

Posted on 24 February 2012 by VRS  |  Email |Print

The world’s biggest metals market has drawn multiple takeover bids and its board is meeting on Feb. 23 to review them.
Among those expressing interest were CME Group (CME), NYSE Euronext (NYX), and IntercontinentalExchange (ICE), according to three people with direct knowledge of the matter who declined to be identified because the negotiations are private. The companies declined to comment………………………………………..Full Article: Source

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