China Minmetals Corp., the state- owned metals trader, led a group that agreed to pay $5.85 billion for Glencore Xstrata Plc’s Las Bambas copper project in Peru as China seeks greater control over material supplies.
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.