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.
Former Xstrata Plc Chief Executive Officer Mick Davis is studying making a bid for BHP Billiton Ltd. thermal coal and nickel assets after raising funds from investors including Abu Dhabi’s sovereign wealth fund, according to a person with knowledge of the matter.
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.
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.
Glencore International Plc’s “merger of equals” with Xstrata Plc moved closer to being a fully fledged hostile takeover after Glencore Chief Executive Officer Ivan Glasenberg raised his bid by 9 percent and demanded that he lead the new company rather than Xstrata CEO Mick Davis.