Elon Musk, Tesla Motors CEO, tells the Reuters Global Tech Summit that he'll talk to politicians who back local car dealers trying to keep Tesla from selling directly to consumers. Video
LONDON - The U.S. Federal Reserve's explicit signal it will stop pumping money into the world economy and data showing China's economy slowing down swept across financial markets on Thursday, sinking bonds, shares and commodities alike.
DETROIT - A new company hopes to make the car-buying process easier for consumers and more efficient for dealers by bringing cars to buyers for test drives, avoiding the need to spend hours at a dealership.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Glencore, Xstrata to pay almost $200 million for advice
LONDON (Reuters) - Glencore (GLEN.L) and Xstrata XTA.L will pay their advisers almost $200 million for counsel on the trader's long-awaited $30 billion all-share bid for the miner, a major earner for banks and others in a fallow year for blockbuster deals.
Out of that, banks on the deal will get up to $130 million, with most of that coming from Xstrata, which will pay its financial advisers as much as $80 million.
Glencore is being advised by Citigroup, Morgan Stanley, Credit Suisse and BNP Paribas. Xstrata is being advised by Deutsche Bank, JP Morgan, Goldman Sachs and Nomura, with a role also for Barclays Capital.
Both sides were advised by an independent consultant, former Citi banker Michael Klein, who shuttled between executives to broker the deal.
Documents sent to shareholders of both companies on Thursday confirmed the terms of the bid - 2.8 new Glencore shares for every Xstrata share held - and set a vote date of July 12 for Xstrata shareholders.
Glencore, which listed just over a year ago in a record market debut, already owns 34 percent of Xstrata.
(Reporting by Clara Ferreira-Marques; Editing by Victoria Howley)
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