Regrets over Xstrata’s M&A? I’ve had a few, says Davis

May 02, 2013 | 05:54 PM | Andrea Hotter

Tags  Glencore, Xstrata, Mick Davis, Lonmin, Marikana Mine, Jubilee Mines, Vale, Anglo American andrea hotter

NEW YORK — The majority of Xstrata Plc’s acquisitions were successful, but there are a few that its outgoing chief executive officer wishes it had not got involved with.

Mick Davis told AMM that out of the 40 transactions Xstrata did during his time at the helm, "90 percent were great successes; 10 percent were not."

"There are transactions I wish I hadn’t done," he said. "I wish I hadn’t bought the stake in (South African platinum producer) Lonmin—it hasn’t played out very well. I still believe in the business strategy underpinning the concept, but the timing was bad, and while we pulled back from the full takeover, we should not have acquired the blocking stake at that time." ....

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