ArcelorMittal’s shares are primed to rebound as European manufacturing emerges from an almost two- year slump, spurring demand for output from the world’s biggest steelmaker, according to Macquarie Group Ltd.
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.
For Mick Davis, the 53-year-old South African who runs Xstrata Plc, the approach from commodities trader Glencore International Plc is unlikely to prompt him to surrender the helm of the mining company he built through a decade of dealmaking.
Glencore International Plc, the largest publicly traded commodity supplier, is considering a sale of its Australian malt unit and is working with Bank of America Corp., said two people with knowledge of the matter.
Mick Davis, the 54-year-old South African former cricket umpire, will receive a 28.8 million-pound ($44.4 million) bonus over three years for taking the job of chief executive officer at Glencore Xstrata Plc.
The world’s biggest mining and steel companies have wiped about $50 billion off project valuations in the past year and the purge is poised to continue this earnings season as managers reassess expensive takeovers.