Glencore International Plc’s proposed combination with Xstrata Plc has “a huge amount of logic,” said Ian Henderson, a fund manager at JPMorgan Asset Management, who helps manage $8 billion in assets including Xstrata shares.
Ian Henderson , who manages about $7 billion in natural-resource assets at JPMorgan Chase & Co., added to his holdings in gold mining companies in the last two months as the metal advanced to a record.
Ian Henderson , manager of $7 billion in resource assets at JPMorgan Chase & Co., said China may bid for Potash Corp. of Saskatchewan Inc. , after a $40 billion BHP Billiton Ltd. offer, while a Brazilian proposal is less likely.
Glencore International AG is starting the year’s largest initial public offering, valuing the company at as much as $60 billion, as Goldman Sachs Group Inc. urges a retreat from commodities and IPO investors shun the U.K.
Walter Energy Inc. , a southern Appalachia producer of steelmaking coal, agreed to buy Canada’s Western Coal Corp. for C$3.3 billion ($3.3 billion) to add reserves and boost production of the commodity as prices rise.
Iron ore is set for the first four- year drop since at least 1982 as supplies surge, threatening to end record earnings at Vale SA, Rio Tinto Group and BHP Billiton Ltd., the world´s biggest producers.
OPEC members gathered to review their target for oil output amid rising speculation that Saudi Arabia, the group’s biggest producer, is seeking an agreement to boost production by as much as 1.5 million barrels a day.