
BAAR, Switzerland, Sept. 10 (UPI) -- Commodities trader Glencore International said take it or leave it on a new bid it made for Xstrata after shareholder Qatar Holding rejected a previous offer.
The new bid comes to 3.05 of shares of Glencore, a Swiss firm that also is in the mining business, for every share of Xstrata, the British-Swiss mining giant, which would value the combined conglomerate at $90 billion, The New York Times reported Monday.
Wealth fund Qatar Holding, the investment fund for the Middle East country, was among the major shareholders that said they would vote against the previous 2.8 per share bid.
Glencore said in a statement Monday it "will not increase the merger ratio further" than its 3.05 per share bid.
The new offer comes with a different executive strategy. Mick Davis, chief executive officer of Xstrata, would take over the combined company, then step down after six months. He would then be replaced by Glencore CEO Ivan Glasenberg.
With the news Xstrata closed Monday up 1.23 percent to 12.50 pounds ($19.99) on the London Stock Exchange. Glencore's stock fell more than 3 percent to 370 pounds ($591.67).
|
|
|
|
|
|
| Additional Business News Stories | |
TEL AVIV, Israel, May 17 (UPI) --
Nobel Energy of Houston, which discovered Israel's big gas fields in the eastern Mediterranean, is pressing the government to decide soon on an energy export policy as the prospect of an undersea pipeline to Turkey gains credibility.
|
TEL AVIV, Israel, May 17 (UPI) --
mid growing concerns about security threats from Syria and Iran, Israeli Prime Minister Binyamin Netanyahu has greatly reduced planned defense budget cuts.
|
Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
|
Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
|
| Stories | Photos | Comments |
View Caption