Glasenberg rejects demands that Glencore boosts Xstrata bid
Aug 21, 2012 | 08:15 AM
Glencore ceo Ivan Glasenberg batted aside calls for the company to boost its bid for mining company Xstrata in a conference call on Tuesday August 21.
The London-listed trading company and producer is holding firm at its merger ratio for Xstrata of 2.8 of its shares for every one of the diversified miners, Glasenberg said in a conference call after the company released its first-half 2012 earnings, which fell by 17% year-on-year to $3.2 billion.
Speculation had mounted that Glencore could bow to pressure from Qatar Holding, the Qatari sovereign wealth fund that holds an 11.8% stake in Xstrata, to bump the ratio up ahead of the vote by Xstrata shareholders on September 7.
But Glasenberg was adamant during the call that he could see no reason to push it up to 3.25 of its shares for every Xstrata share, as Qatar Holding had requested at the end of June. ....
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