Glencore International Plc, the commodities trader reported to have studied a bid for Eurasian Natural Resources Corp., would struggle to acquire the company because of its ownership structure, Citigroup Inc. said today.
Bullish commodity wagers rose to a 16-month high just before the Federal Reserve’s pledge for more stimulus drove prices to a seventh weekly advance and banks from HSBC Holdings Plc to Citigroup Inc. forecast more gains.
Glencore Xstrata Plc, the global commodity trader and metals producer run by billionaire Ivan Glasenberg, raised its estimate of savings from the takeover of Xstrata Plc to at least four times the initial forecast.
BHP Billiton Ltd. Chief Executive Officer Marius Kloppers faces greater pressure to win a hostile $40 billion bid for Potash Corp. of Saskatchewan Inc. after scrapping his second deal with Rio Tinto Group in two years.
BHP Billiton Ltd. ’s $40 billion offer for Potash Corp. of Saskatchewan Inc. may not proceed because the bidder is unlikely to overpay and there’s little chance that a competitor may emerge, Citigroup Inc. said.