When Ivan Glasenberg walked into a members-only club in London’s Mayfair district on Sept. 7 at about 2 a.m. to see a customer, he’d just played what’s seen as the winning hand in negotiations to seal a $30 billion takeover.
European stocks declined for the fourth time in five days as International Monetary Fund Managing Director Christine Lagarde said global growth is not fast enough to curb unemployment, and Chinese new lending missed estimates, outweighing better-than-expected U.S. consumer confidence data.
Glencore International Plc, the commodities company that sold $10 billion of stock in the world’s biggest initial share sale this year, ended its first trading day in London at the same price offered to investors.
U.S. stocks erased an early rally as Wells Fargo & Co.’s shrinking profit margin and weakness in European markets overshadowed a jump in consumer confidence to the highest level since the recession started. Commodities sank and the euro trimmed an early gain.
BP Plc investors said progress toward a settlement with the victims of the Deepwater Horizon disaster signals a share-price rebound, closing the $44 billion gap with the company’s value before the worst U.S. oil spill.