Glencore-Xstrata mega-merger plan goes into second period of extra time
Saturday 22 September 2012
The world's biggest mining merger is on hold for another week after Glencore and Xstrata demanded more time to complete the $80bn (£53bn) deal.
The extension to Monday's original Takeover Panel deadline until October 1 further draws out the long-running saga as Xstrata's independent directors sought more time to consult major shareholders.
Glencore, Xstrata's biggest investor with a 34 per cent stake, first approached Xstrata over the mega-merger, which would create a commodities and trading giant, in February. Chief executive Ivan Glasenberg sweetened his offer for the company earlier this month to rescue the deal after Xstrata's second-biggest investor Qatar Holding demanded improved terms in June.
Qatar owns more than 12 per cent of Xstrata, giving it a key position in a deal structure that allows just 16.5 per cent of Xstrata shareholders to block any bid. Analysts still expect the deal to go ahead.
- 1 Secret Cinema interview: Why were Back to the Future screenings cancelled?
- 2 Christians: The world's most persecuted people
- 3 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: John Prescott condemns bombardment of Gaza as a 'war crime'
Thatcher ‘was warned of Tory child sex party claims’
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Lauren Goodger calls for tougher laws on revenge porn after sex tape leaks online
Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...