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.
Glencore International AG is starting the year’s largest initial public offering, valuing the company at as much as $60 billion, as Goldman Sachs Group Inc. urges a retreat from commodities and IPO investors shun the U.K.
A private navy founded by companies led by Glencore International Plc will protect its first convoy of oil tankers and bulk carriers from Somali pirates in the Indian Ocean in late March or April, the Sunday Times reported, citing an interview with Glencore Chairman Simon Murray.
Sino-Forest Corp., the Chinese timber company that plunged 74 percent this year after fraud allegations, said going private is among the options under consideration as it attempts to restore its finances and reputation.
Sino-Forest Corp. , whose biggest shareholder is hedge fund Paulson & Co., fell the most since 2008 in Toronto trading after short seller Carson C. Block said it overstated timberland holdings and production in China.
Glencore International Plc’s planned $39 billion takeover of Xstrata Plc, a combination years in the making, came together in just two months after a pivotal dinner in London last year between Xstrata Chief Executive Officer Mick Davis and Glencore’s Ivan Glasenberg.