AMM analysis: The return of Mick Davis
Oct 01, 2013 | 01:56 PM
| Andrea Hotter
LONDON Former Xstrata Plc chief executive officer Michael "Mick" Davis is back.
His new venture, X2 Partners Inc., has set up a $1-billion partnership with commodities trader Noble Group Ltd. and private investment firm TPG Capital LP to create a new mid-tier diversified mining and metals group through the acquisition of assets and businesses (amm.com, Sept. 30).
The new venture, X2 Resources, is already in talks to attract additional investment from other potential participants. Glencore Xstrata Plc is unlikely to be on the list of potential investors Davis is targeting.
Baar, Switzerland-based Glencore, one of the largest mining companies globally and already the biggest in metals marketing and trading, recently stuck the knife somewhat into the Xstrata way of doing business, in particular criticizing its decentralized management approach.....
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