Glencore tightens its grip on Lonmin
Coal miner-to-wheat trading giant Glencore Xstrata today moved to take greater control of Lonmin, as the beleaguered platinum group continues to struggle with trade unions in South Africa.
Two Glencore Xstrata executives — Gary Nagle, the boss of its alloys division, and Paul Smith, head of strategy and communications — were today appointed non-executive directors at Lonmin.
Glencore Xstrata owns almost a quarter of Lonmin, and investors have been keen to find out what chief executive Ivan Glasenberg plans to do with that stake. There has been talk he will eventually sell up, having inherited the shareholding after adding Xstrata to his Glencore empire in May in a $29 billion (£18 billion) deal.
Glasenberg is bringing the Glencore Xstrata management team to London this week to talk to investors about its progress after it last month revealed a $7.7 billion hit on the value of Xstrata’s assets.
Lonmin, which has suffered from union problems for more than a year, will have showdown talks with Solidarity in November, as it does not recognise the union.
- 1 Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
- 2 A politically correct lefty goes to see Top Gear live – you'll probably believe what happened next
- 3 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 4 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 5 Snoop Dogg on why he doesn't regret displaying misogyny towards women
Cyclist who knocked down three-year-old girl says his life has been 'destroyed'
Woman accidentally shoots herself in the head while posing for a selfie
How China's richest man Li Hejun lost $15bn in an hour - and made a fortune
Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
Snoop Dogg on why he doesn't regret displaying misogyny towards women
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...