Glencore Xstrata Plc, the world’s biggest exporter of power station coal, named former Morgan Stanley Chief Executive Officer John Mack among three new board members to replace departed directors from Xstrata Plc.
Ivan Glasenberg, Glencore International Plc’s billionaire chief executive officer, has a week to decide on his biggest bet yet -- whether to raise his $33 billion offer for Xstrata Plc or see his five-year effort to create the fourth-biggest mining company disintegrate.
The worst part of this Cam Newton pay-for-play affair isn’t that a college football player might have broken the rules -- we’re used to that. It’s that these athletically blessed saps still have no idea how valuable they are to their, ahem, institutions of higher learning.
Xstrata Plc, the largest exporter of coal used by power stations, is still at odds with Glencore International Plc over board seats and retention pay three days before a deadline for it to respond to Glencore’s revised 20.5 billion-pound ($33.3 billion) takeover bid.
Ivan Glasenberg, the billionaire chief executive officer of Glencore International Plc, may be nearing a long-sought takeover of Xstrata Plc as all sides signal a willingness to reach a deal that would be this year’s biggest merger, according to people familiar with the situation.
Vodafone Group Plc ’s $6.5 billion sale of its stake in China Mobile Ltd. is the biggest divestment since Chief Executive Officer Vittorio Colao took charge in 2008. Investors are looking to him for more disposals.
Xstrata Plc rose to a four-month high in London as investors bet a 9 percent increase in Glencore International Plc’s offer for the Swiss mining company boosts the odds this year’s biggest takeover will be completed.