Glencore tightens its grip on Lonmin
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Monday 09 September 2013
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 If you're not already angry about the migrant crisis, here's a history lesson to remind you why you really should be
- 2 David De Gea transfer collapses: Manchester United goalkeeper's £29m move to Real Madrid off - because paperwork 'not done in time'
- 3 Pansexual: What is it - and when did the word become popular?
- 4 Isis releases graphic video showing four Shia 'spies' being burned alive in Anbar, Iraq
- 5 Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
The man who sold Minecraft to Microsoft for £2.5 billion says it's made him miserable
Nazi 'gold train': Fire engulfs suspected location of vehicle
Blood Moon and Supermoon: September to bring brightest – and dimmest – full Moon of the year on same night
Isis releases graphic video showing four Shia 'spies' being burned alive in Anbar, Iraq
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
UN investigating British Government over human rights abuses caused by IDS welfare reforms
iJobs Money & Business
£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...
£20000 - £40000 per annum + competitive: SThree: Exciting career prospect for ...
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...