Jeff Largey News
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Eurasian Natural Resources Corp. shareholder Alexander Machkevitch said he is considering joining his two fellow founders and the Kazakh government to make an offer for the mining company.
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Glencore International Plc, the largest publicly traded commodities supplier, said it expects to close the $30 billion takeover of Xstrata Plc next month after agreeing with Chinese regulators to sell a Peru copper mine.
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Glencore International Plc, the largest publicly traded commodities supplier, said it expects to close the $30 billion takeover of Xstrata Plc next month after agreeing with Chinese regulators to sell a Peru copper mine.
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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.
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Qatar is demanding another $4.2 billion from Glencore International Plc for Xstrata Plc at the same time that analysts are reducing profit estimates for the Swiss mining company faster than its peers.
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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.
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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.
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Glencore International Plc, seeking to buy Xstrata Plc in a $33 billion all-share bid, said 2012 adjusted profit fell 25 percent as slowing global growth eroded demand for the raw materials it produces and trades.
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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.
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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.
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