Glencore Xstrata Plc, the world’s biggest zinc miner and exporter of coal for power stations, rose on its first day of trading as a combined company in London, with the share market valuing the group at $69 billion.
Glencore Xstrata Plc hired two former Xstrata Plc executives as division heads amid the departure of a number of senior managers as it completed the takeover of the coal exporter, a person familiar with the matter said.
Freeport-McMoRan Copper & Gold Inc. , the world’s largest publicly traded copper producer, and rival Xstrata Plc are positioning for potential takeovers as Chinese metals demand increases and financing conditions improve.
Freeport-McMoRan Copper & Gold Inc. , the world’s largest publicly traded copper producer, said it’s confident Chinese copper demand will continue to gain even as the nation raises interest rates to cool inflation.
China’s copper demand will probably grow more than 8 percent annually in the next five years as the country uses more of the metal to develop its power infrastructure, Rio Tinto Group’s head of copper said.