Trading in Xstrata Plc shows that investors, who vote today on 2012’s biggest takeover, have almost never been more confident that Glencore International Plc’s 19.5 billion-pound ($31 billion) bid will win approval.
Glencore International Plc adjourned a shareholder meeting called to vote on its $34 billion offer for Xstrata Plc, raising prospects the biggest publicly traded commodities supplier will increase its bid.
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.
Driving northeast from Santiago, the road corkscrews toward the shark’s-grin skyline of the Andes Mountains. In winter, Santiago’s smart set plies this route, heading for virgin-powder days and pisco-sour nights at La Parva ski resort. Most have no inkling that in a high mountain valley just over the ridgeline, excavators the size of houses have sculpted the mountainside into a steeply terraced pit 1,800 feet deep, Bloomberg Markets magazine reports in its September issue.
Anglo American Plc, the year’s fourth-worst performing FTSE 100 Index stock, cut its platinum output forecast after strikes in South Africa and said its $5.8 billion Minas-Rio iron-ore project will see more cost overruns.
Anglo American Plc is exploring a bid for Macarthur Coal Ltd. that would challenge Peabody Energy Corp.’s A$4.7 billion ($4.9 billion) offer for the Australian miner, said two people with knowledge of the matter.