Key Developments: Glencore Xstrata PLC (GLCNF.PK)

Latest Key Developments (Source: Significant Developments)

Glencore International PLC Announces Board Changes
Thursday, 16 May 2013 08:34am EDT

Glencore International PLC announced that the results of the Company's AGM votes in relation to its directors. Accordingly, its nominations committee is meeting with a view to seek candidates for its Board in addition to continuing a search process for a new Chairman. As previously indicated, the Board will consult with its external shareholders appropriately as part of this exercise. Given that Sir John Bond is no longer a director, the board has appointed Tony Hayward as interim Chairman with immediate effect with the intention that he will step down once a new chairman takes up the role. Full Article

Xstrata PLC Announces Completion Of All-Share Merger With Glencore International plc
Thursday, 2 May 2013 05:00am EDT

Xstrata PLC announced that the New Scheme and Merger with Glencore International plc became effective May 02, 2013, following the registration of the Reduction Order by the Registrar of Companies. An application has been made to the UK Listing Authority requesting the cancellation of the listing of Xstrata ordinary shares on the Official List as well as the trading of Xstrata ordinary shares on the London Stock Exchange's main market for listed securities. Full Article

Rio Tinto PLC, Aluminum Corp Of China Ltd, Glencore International PLC Vie To Mine Bauxite In Australia-Reuters
Wednesday, 24 Apr 2013 02:59am EDT

Reuters reported that Rio Tinto PLC, Aluminum Corp Of China Ltd and Glencore International PLC are among five companies short-listed by Australia to mine vast bauxite deposits in the country that have been left dormant for decades. The three firms have each applied for leases to exploit bauxite deposits in the Aurukun district of Queensland state, where reserves are considered sufficient to support production of 6.5 million tonnes per year, the Queensland state government said. The candidates, which also include Australian Indigenous Resources and Cape Alumina Consortium, have until mid-September to submit detailed mining proposals, according to a statement by Jeff Sweeney, Queensland's deputy premier. Full Article

Glencore International PLC Concessions To China Expected For Xstrata PLC Deal-Reuters
Monday, 15 Apr 2013 01:55am EDT

Reuters reported that Glencore International PLC is expected to agree to concessions this week to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its $32 billion acquisition of miner Xstrata PLC. After months of negotiations, Glencore is expected to have agreed to yield some ground, with analysts and market sources pointing to a likely sale from among Xstrata's promising - though challenging - greenfield copper projects, which could include Las Bambas in Peru, due to begin production in 2015. Full Article

Glencore International PLC Pushes Back Xstrata PLC Deal Due To China Probe-Reuters
Tuesday, 2 Apr 2013 02:32am EDT

Reuters reported that Glencore International PLC had again extended the date by which it expects to close its merger with Xstrata PLC due to the ongoing investigation into the deal in China. Glencore has been waiting for several months for China to give the go-ahead before it can complete its $35 billion acquisition of miner Xstrata. Glencore had held constructive discussions with China's Ministry of Commerce, or MOFCOM, but that it had pushed the deadline date back to May 2 because it did not expect to have the final approval in time for its previous deadline of April 16. Full Article

Xstrata PLC Updates On Merger With Glencore International plc
Tuesday, 2 Apr 2013 02:10am EDT

Xstrata PLC ( Xstrata) announced by Glencore International plc (Glencore) that the longstop date for the merger between Glencore and Xstrata (the Merger) has been extended to May 2, 2013 with the consent of Xstrata and the Panel. Completion of the Merger remains conditional upon the receipt of the outstanding regulatory approval in China and completion of the Xstrata court process as further set out in the New Scheme Document in connection with the Merger published by Xstrata on October 25, 2012 and Glencore giving effect to the commitments required by the European Commission. Full Article

Glencore International PLC Proposes Final Dividend
Tuesday, 5 Mar 2013 02:00am EST

Glencore International PLC announced that the Directors have proposed a final dividend of $ 0.1035 per share, bringing the total dividend for the year to $ 0.1575 per share, up 5% compared to 2011. Full Article

Glencore International PLC And Vitol In $10 Billion Loan To Buy Rosneft Crude-Reuters
Monday, 28 Jan 2013 01:43pm EST

Reuters reported that Glencore International PLC and Vitol have asked banks for a $10 billion syndicated loan to finance the purchase of up to 67 million tons of crude oil from Russian group Rosneft, bankers said. Glencore and Vitol are arranging the loan and asked banks to commit $500 million each and to express willingness to lend more. The two companies have pledged to commit $4 billion to the loan, a second banker said. Glencore, Vitol and Rosneft declined to comment. Bank of America Merrill Lynch and Citigroup are helping Glencore and Vitol co-ordinate the loan. Full Article

Glencore International PLC Updates on Merger with Xstrata Plc
Tuesday, 22 Jan 2013 04:04am EST

Glencore International PLC announced that the South African Competition Tribunal has cleared the recommended all-share merger of equals between the Company and Xstrata Plc. Completion of the Merger remains conditional upon the receipt of the outstanding regulatory approval in China and completion of the Xstrata Plc court process as further set out in the New Scheme Document in connection with the Merger published by Xstrata Plc on October 25, 2012 and Glencore International PLC giving effect to the commitments required by the European Commission. Full Article

Glencore International PLC, Eskom Holdings Ltd Reach Pact; Complaint On Xstrata Plc Merger Withdrawn-DJ
Friday, 18 Jan 2013 05:21am EST

Dow Jones reported that South African state-owned electricity provider Eskom Holdings Ltd has withdrawn its official complaint with South Africa's competition authorities regarding Glencore International PLC proposal to merge with Xstrata Plc in a deal. The complaint was withdrawn after reaching a mutual agreement with Glencore that provides a framework for the two to cooperate with each other and which governs 'the interaction between them regarding existing and future coal supply agreements'. The news came shortly after the South African Competition Tribunal began hearings on outstanding complaints from Eskom and The National Union of Metal Workers. The hearings are scheduled to end January 28. Eskom previously said it was concerned about its ability to obtain sufficient and competitively priced coal, but it noted that it didn't want to block the merger. The National Union of Metal Workers said it would seek limits on layoffs. Eskom would no longer attend the hearings. The hearings are expected to continue, however, since the metals workers' union hasn't withdrawn its complaint. Full Article

Glencore Xstrata PLC News

Ex-BP boss Hayward takes Glencore chair after Xstrata clearout

LONDON/ZUG, Switzerland - A shareholder coup at newly merged commodities group Glencore Xstrata ousted its chairman and all former Xstrata directors on Thursday, replacing him with former BP boss Tony Hayward, excoriated for his role in the Gulf of Mexico oil spill.

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