Glencore Xstrata Plc, the world’s fourth-biggest mining company, is studying separate deals with Rio Tinto Group and BHP Billiton Ltd. in Australia to reap cost savings at struggling coal and nickel operations.
Mick Davis, the former chief executive officer of Xstrata Plc, is seeking to raise at least $3 billion from investors before he starts buying mines for his X2 Resources, according to people with knowledge of his plans.
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.
The world’s mining assets may be the target of mergers and acquisitions as an $8 billion pool of private-equity money that has lain dormant is stirred this year by attractive valuations and predictions of resilient demand for raw materials.
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.
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.
Xstrata Plc Chief Executive Officer Mick Davis is ready to quit the company after a $36 billion takeover by Glencore International Plc at a price beneficial to shareholders, a person familiar with the situation said.