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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

HK exchange named in latest LME takeover bid

Posted on 20 February 2012 by VRS  |  Email |Print

Hong Kong Exchanges & Clearing has reportedly bid for the London Metal Exchange in an attempt to diversify into commodities trading. The bourse had put in a “high bid”, the South China Morning Post reported. No bid price was disclosed.
The LME, which handles about 80 per cent of global trade in metals futures, has a “good number of bids” to consider for a possible take-over when the board meets on Feb 23, spokesman Chris Evans said at the weekend………………………………………..Full Article: Source

CME Group said to submit bid for London Metal Exchange purchase

Posted on 17 February 2012 by VRS  |  Email |Print

CME Group Inc. has made a bid for the London Metal Exchange as the world’s largest metals futures market plans a meeting next week to consider offers, according to a person with knowledge of the situation.
The price CME Group offered wasn’t disclosed, said the person, who declined to be identified because negotiations are private. A purchase of the LME by Chicago-based CME Group would add to its metals that trade through the Comex, where futures based on gold, silver and copper are traded………………………………………..Full Article: Source

Biggest mining deals no promise of Xstrata bonanza: Commodities

Posted on 16 February 2012 by VRS  |  Email |Print

Shareholders in Xstrata Plc shouldn’t expect that a takeover by Glencore International Plc will deliver a windfall if the history of the deals that created two of its biggest rivals is any guide.
Rio Tinto Group’s London shares gained 0.5 percent in dollar terms in the five years after the company was formed in 1995, a time when aluminum producer Alcoa Inc. more than doubled, data compiled by Bloomberg show. ……………………………………….Full Article: Source

What does Glencore and Xstrata merger mean for investors?

Posted on 09 February 2012 by VRS  |  Email |Print

Mining giant Xstrata has announced that it plans to merge with the world’s biggest commodities trader, Glencore creating at one stroke a $90 billion giant.
If the merger takes place, the new company will be the biggest exporter of thermal coal, the largest producer of zinc and will have dominant positions in other metals and commodities………………………………………..Full Article: Source

Mining and commodities firms will merge in $90bln deal

Posted on 08 February 2012 by VRS  |  Email |Print

Mick DavisAfter years of courting, mining company Xstrata and commodities dealer Glencore International have agreed to marry in a $90 billion deal that would create the world’s fourth-largest natural resources group.
The announcement of the terms of the deal comes just a few days after the first public acknowledgment that the two companies were in discussions about a long-rumored deal — merger talks, codenamed ‘Everest,’ have gone on for years………………………………………..Full Article: Source

Mining: Look for mergers and Chinese heft

Posted on 08 February 2012 by VRS  |  Email |Print

Glencore International PLC’s multibillion-dollar merger with Xstrata PLC, Prime Minister Stephen Harper’s visit to China, where trade and other economic issues are expected to dominate the agenda: It’s a big week for commodities with large consequences for Canada and for what Paul Taylor, the chief investment officer of BMO Harris Private Banking, calls the country’s “trees and rocks and bank-based economy and equity market.”
About 50 per cent of Canada’s domestic equity market is represented by commodities, Mr. Taylor points out, so most Canadian investors have some financial stake in how these two events turn out………………………………………..Full Article: Source

The Glencore/Xstrata merger: Does this mark a top for commodities?

Posted on 07 February 2012 by VRS  |  Email |Print

Glencore is already the world’s largest commodities trader. Now it’s planning to get even bigger. It’s aiming to merge with leading mining group Xstrata.

Glencore already owns 34% of Xstrata. Combined, they’d form the fifth–biggest listed mining group on the planet. They’d also have one of the largest market caps on the UK market. But the last time Glencore hit the news headlines – at the time of its IPO (initial public offering) – it neatly marked the top of the market……………………………………….Full Article: Source

Commodities: A merger fit for world domination‎

Posted on 06 February 2012 by VRS  |  Email |Print

The talks between Glencore and Xstrata over an $88bn (£57bn) merger, the biggest mining deal ever seen, are promising to shake up the world of commodities. If successful, the joining of trading giant Glencore and the world’s fourth biggest miner would create a global leader in zinc and thermal coal and a top five producer in copper and nickel.

The tie-up would also allow Glencore’s “marketing” or trading arm to access a much expanded production base, boosting profits, and create a company with huge capacity for acquisitions – a super-predator on the mining scene……………………………………….Full Article: Source

Glencore offers 8 pct premium to Xstrata to seal merger

Posted on 06 February 2012 by VRS  |  Email |Print

Ivan GlasenbergShareholders in global miner Xstrata Plc are set to receive 2.8 shares in commodities trader Glencore International for each share held as the two firms try to seal an $88 billion deal, the Financial Times reported on Monday.

The terms of the all-share deal, likely to be unveiled on Tuesday, would represent an 8 percent premium to Xstrata’s share price before news of the merger talks surfaced last week, the newspaper said in an unsourced report……………………………………….Full Article: Source

Glencore merger deal with fellow mining and commodities giant Xstrata stirs calls for fees curb

Posted on 06 February 2012 by VRS  |  Email |Print

Investment banks face fresh calls to curb their fees on big takeovers as shareholders demand the right to claw back advisory charges if a merger turns sour. The merger of mining and commodities giants Glencore and Xstrata has prompted leading institutions to press for penalties for the advising banks if it turns out to destroy value in the long term.

The merger – likely to generate £90 million of advisory charges – will create a global giant in mining and commodities trading worth about £69 billion, making it the eighth-biggest member of the FTSE 100 and the world’s fourth-biggest miner. The return of mega-deals has prompted institutional shareholders to renew calls for fees to be more tightly controlled……………………………………….Full Article: Source

Global mining, metals M&A up 43pct to $162.4 bln in 2011 -E&Y

Posted on 06 February 2012 by VRS  |  Email |Print

The global value of mergers and acquisitions in mining and metals rose 43% in 2011 and is expected to continue rising this year, driven by robust demand fundamentals, strong balance sheets and appetite for growth, Ernst & Young said in its annual mining-transactions report Monday.

Global M&A in the mining sector rose to $162.4 billion in 2011 from $113.7 billion in 2010, with megadeals of $1 billion or more accounting for two-thirds of total deal value, primarily driven by strategic domestic consolidation where synergies could be identified……………………………………….Full Article: Source

Miners have strong appetite for M&A - report

Posted on 06 February 2012 by VRS  |  Email |Print

Healthy demand fundamentals, strong balance sheets and an appetite for growth will drive a step-up in mergers and acquisitions (M&A) in the global mining and metals sector in 2012, Ernst & Young (E&Y) global mining and metals transaction leader Lee Downham said on Monday.

Commenting on the release of E&Y’s yearly global mining and metals sector transaction report, ‘Recognizing value in volatility’, Downham said mining and metals companies were learning to live with uncertainty and were well positioned to seize opportunities……………………………………….Full Article: Source

Few $1bln-plus miner deals in 2012: E&Y report

Posted on 06 February 2012 by VRS  |  Email |Print

Merger and acquisition (M&A) activity in Australia’s mining sector is tipped to be dominated by smaller transactions this year, with fewer than 10 potential $US1 billion-plus ($930 million) deals forecast for the industry.

Access to funding for infrastructure will drive merger and acquisitions (M&A), with the spotlight to be on the mid-tier and junior sector in 2012, according to Paul Murphy, Ernst & Young’s Australia and Asia-Pacific transactions leader……………………………………….Full Article: Source

Glencore and Xstrata in talks over GBP50bln ‘merger of equals’

Posted on 03 February 2012 by VRS  |  Email |Print

Ivan GlasenbergIvan Glasenberg, the chief executive of the world’s largest commodities trader Glencore, has been pushing for a deal for years, but price could be an issue. Commodities trader Glencore and miner Xstrata are in active talks about merging to create a £50bn global mining group.
News of the talks, which could lead to a deal being formally announced as early as next week, sent shares in Xstrata rocketing almost 10% to close at £12.30 and Glencore shares were up almost 7% to 461.70p……………………………………….Full Article: Source

Make way for “Glenstrata” as Glencore and Xstrata talk commodities merger

Posted on 03 February 2012 by VRS  |  Email |Print

Glencore, the world’s largest publicly traded commodities supplier, has confirmed that it has made an approach about an all-share offer for the stake in Switzerland-based Xstrata that it does not already own as part of its current 34% holding.
The combination of the Zug-based Xstrata with Glencore, located just two miles away in Baar, would decisively bring together the two groups that separated a decade ago when Xstrata bought Glencore’s Australian and South African coal mines for $2.5 billion and went public in London………………………………………..Full Article: Source

NYSE and Deutsche Borse plan to call off merger

Posted on 02 February 2012 by VRS  |  Email |Print

NYSE Euronext and Deutsche Börse said on Wednesday that they were in talks to call off their planned merger, after European antitrust regulators formally opposed the deal.
Both exchanges said they fundamentally disagreed with concessions that the European Commission had requested, notably the divestiture of major parts of the combined company’s business………………………………………..Full Article: Source

Exchanges deal failure to open up futures market

Posted on 02 February 2012 by VRS  |  Email |Print

The failed merger of Deutsche Boerse AG and NYSE Euronext has highlighted their grip on Europe’s futures and options trade, raising the prospect of reform to open the market to new entrants.
European futures and options trading, estimated at some $62 trillion in 2011 by the World Federation of Exchanges, is systemically important to the European financial system………………………………………..Full Article: Source

London Stock Exchange eyes bid for metal bourse

Posted on 30 January 2012 by VRS  |  Email |Print

London Stock Exchange Group Plc (LSE) is considering a bid for the London Metal Exchange, the Sunday Times said, which cites unidentified sources close to the auction.
The London Stock Exchange may team up with a partner such as the Singapore Exchange Ltd. (SGX) to compete for the world’s biggest metals bourse, according to the newspaper………………………………………..Full Article: Source

High gold price will drive M&A in 2012 - McEwen

Posted on 12 January 2012 by VRS  |  Email |Print

U.S. Gold Corp. Chief Executive Officer Rob McEwen said gold companies will seek acquisitions this year as higher metal prices boost their cash reserves. “There’s a lot of opportunity out there,” McEwen said in an interview yesterday at Bloomberg’s Toronto bureau.
Gold miners are seeking to replace resources and increase production of the commodity, which posted its 11th straight annual increase in 2011………………………………………..Full Article: Source

REC close to buying 16pct in UCX

Posted on 09 January 2012 by VRS  |  Email |Print

Rural Electrification Corporation (REC), a PSU navratna that finances and promotes rural electrification projects, is close to buying 16% in upcoming commodity futures bourse Universal Commodity Exchange (UCX) for Rs 16 crore.

“UCX’s promoter has offered us 16% stake in the exchange,” Hari Das Khunteta, director (finance), REC, told ET. “We are keen on picking up the stake, subject to necessary approvals.”……………………………………..Full Article: Source

Kotak Mahindra sells 11pct in ACE commodity exchange

Posted on 29 November 2011 by VRS  |  Email |Print

Kotak Mahindra Bank, the promoter of Ace Derivatives & Commodity Exchange Ltd., has sold an 11% stake in the exchange to private investors for about 200 million rupees, the Economic Times newspaper reported Monday.
The bank has now brought down its stake in the commodity exchange to 40% from 51% to meet regulatory guidelines, the report said, citing Narayan S.A., president commercial banking and capital markets of the bank. Narayan is also the chairman of the commodity exchange. ……………………………………….Full Article: Source

JP Morgan buys more sway in LME takeover battle

Posted on 25 November 2011 by VRS  |  Email |Print

JP Morgan has dramatically boosted its influence in the battle to acquire the London Metal Exchange by increasing its stake this week to become the biggest shareholder.

JP Morgan Chase now has stronger input into any changes proposed by suitors while making a tidy profit from any sale, but retains the option to team up with others to block a takeover, analysts and industry sources said………………………………………Full Article: Source

LME takeover bids mean most at stake for Goldman, UBS, Sucden

Posted on 28 September 2011 by VRS  |  Email |Print

The potential sale of the London Metal Exchange, home to the city’s last open-outcry trading, means Metdist Ltd., Goldman Sachs Group Inc. (GS), MF Global (U.K.) Ltd., UBS Ltd. and Sucden Financial Ltd. have the most at stake.
The five companies are among the biggest shareholders in the 134-year-old bourse, according to a filing to the U.K.’s Companies House a year ago. The exchange told members in a notice on Sept. 23 that it had received “several expressions of interest” and would begin a process that may lead to “an acceptable offer for the company being received.”………………………………………Full Article: Source

Commodities giant still hungry for buyouts

Posted on 25 August 2011 by VRS  |  Email |Print

Malcolm MacphersonSwiss-based commodities giant Glencore Wednesday announced a takeover bid for Australian nickel miner Minara, its first major play since listing in London and Hong Kong. The off-market cash bid for the 27 percent of Minara’s shares Glencore does not already own, values the cobalt and nickel firm at Aus$1.02 billion (US$1.07 billion), or 87 cents a share.
Glencore said the offer was a “substantial premium to Minara’s recent trading price and an attractive exit opportunity” for shareholders after the miner reported a 31.2 percent drop in half-year profit to Aus$27.3 million……………………………………….Full Article: Source

NSE gets more time to cut stake in commodities exchange

Posted on 19 August 2011 by VRS  |  Email |Print

The National Stock Exchange of India is likely to have until the end of September to reduce its stake in the country’s second-biggest commodity bourse following a recently introduced rule, two senior government officials said Thursday.

The National Stock Exchange owns 11.1% of the National Commodity and Derivatives Exchange, or NCDEX, but it has to cut its share-holding, because of a rule introduced in July 2010 that prohibits an exchange from owning more than 5% of another……………………………………….Full Article: Source

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