Tue, 07 Feb 2012 | MERGER
Mining company Xstrata is to merge with Glencore, the largest commodity trader in the world, and will be renamed ‘Glencore Xstrata International PLC’.
The proposed deal has been formally announced, and would give the combined new entity a value of $90 billion (£56 billion).
Xstrata, worth $39 billion, has recently announced a 20 per cent increase in profits for 2011 to $5.9 billion. About 50 per cent of its sales are derived from copper mining.
Glencore’s full year financial results will be available in April, shareholders will be able to vote on the merger then.
Based in Switzerland, Glencore buys and sells metals, fuels and crops and invests in mining firms. It is also involved in several other aspects of commodities including processing, refining, transport and storage.
Xstrata - listed on both the London and Swiss stock exchanges - owns large reserves of copper, nickel and coal in Africa, central Asia and South America, and also extracts from beneath the ground. It operates in a total of 20 countries, and has over 70,000 staff.
As part of the deal, Xstrata chief executive Mick Davis is to be appointed chief executive of the newly combined group, while Glencore’s chief executive is to be placed in the role of deputy chief executive.
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