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.
This leading recruitment agency boasts over 30 years of expertise in mechanical and electrical engineering, offering a robust infrastructure and an extensive candidates' database.
Explore a dynamic business opportunity with a relocatable, eco-friendly contract packing and reworking specialist located in Norfolk.
A highly respected family business specialising in waste recycling is now available in West Yorkshire, offering a unique opportunity in a thriving industry.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.