Tony Robson News
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Freeport-McMoRan Copper & Gold Inc. won approval from shareholders of Plains Exploration & Production Co. for a $6.63 billion takeover after sweetening the bid for the largest U.S. oil and natural gas purchase announced in the past year.
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Freeport-McMoRan Copper & Gold Inc. sweetened its bid for Plains Exploration & Production Co. to win shareholder support for the takeover, offering special cash dividends to raise the value of the deal to $6.6 billion.
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Glencore Xstrata Plc, the biggest exporter of coal for power stations, said first-quarter copper production rose 18 percent after gains at its mines in Africa.
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Eurasian Natural Resources Corp. shareholder Alexander Machkevitch said he is considering joining his two fellow founders and the Kazakh government to make an offer for the mining company.
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Glencore International Plc, the largest publicly traded commodities supplier, said it expects to close the $30 billion takeover of Xstrata Plc next month after agreeing with Chinese regulators to sell a Peru copper mine.
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Glencore International Plc, the largest publicly traded commodities supplier, said it expects to close the $30 billion takeover of Xstrata Plc next month after agreeing with Chinese regulators to sell a Peru copper mine.
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Shares of Glencore International Plc, the world’s largest publicly traded commodities supplier, may gain as its weighting in FTSE and MSCI Inc. indexes is adjusted in the coming months, BMO Capital Markets said.
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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.
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Vale SA, the world’s largest iron- ore producer, posted second-quarter profit that missed analysts’ estimates and said it will pay an extra dividend of $3 billion as it seeks to boost returns to shareholders.
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Freeport-McMoRan Copper & Gold Inc.’s $9 billion bet on Gulf of Mexico oil and gas assets is the latest example of mining companies’ move into energy that ends up hurting investors.
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