Glencore International Plc’s Ivan Glasenberg, who built a $6 billion fortune trading bulk commodities, is anticipating a rebound in coal prices from a 31- month low to justify his $33 billion bid for Xstrata Plc.
Glencore International Plc’s 21.2 billion-pound ($34 billion) bid for Xstrata Plc may face regulatory hurdles on concern a merger would give the companies unfair advantages in the zinc market, Jefferies Group Inc. said.
Rio Tinto Group and Kazakhmys Plc had their stock recommendations raised by Barclays Capital, with the bank saying investors should increase their holdings of mining companies as the outlook for Chinese demand improves.
Glencore International Plc’s Chief Executive Officer Ivan Glasenberg navigated a nine-month takeover of Xstrata Plc to emerge with his $31 billion prize, the top job and a chance of selecting the group’s new chairman.
Anglo American Plc, which swung to a full-year loss after a $4.6 billion writedown at its biggest project, rose to the highest in five weeks in London as Chief Executive Officer Cynthia Carroll said 2013 would be better.
Xstrata Plc rose to a four-month high in London as investors bet a 9 percent increase in Glencore International Plc’s offer for the Swiss mining company boosts the odds this year’s biggest takeover will be completed.
Glencore International Plc, the largest publicly traded commodity supplier, agreed to buy Viterra Inc. for C$6.1 billion ($6.15 billion) to add grain assets in Canada and Australia as growth in Asia boosts demand.