Key Developments: Xstrata PLC (XSRAY.PK)
3.00USD
24 May 2013
$0.02 (+0.67%)
$2.98
$2.97
$3.00
$2.91
60,824
50,998
$3.77
$2.37
Latest Key Developments (Source: Significant Developments)
Xstrata PLC Announces Completion Of All-Share Merger With Glencore International plc
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
Xstrata PLC Announces Suspension Of Trading Of Ordinary Shares On London Stock Exchange-DJ
Dow Jones reported that Xstrata PLC announced that from May 01, 2013 ordinary shares of Xstrata plc will be suspended from trading on the London Stock Exchange's main market. The suspension has been made in accordance with Xstrata's application to the UK Listing Authority, announced by Xstrata on April 29, 2013, and is effected as part of the all-share merger of Xstrata and Glencore. Application has also been made for the suspension of trading in the Xstrata ordinary shares on the SIX Swiss Exchange. The suspension of the listing and trading on the SIX Swiss Exchange took place on May 01, 2013. The New Scheme and the Merger are expected to become effective on May 02, 2013. Full Article
Xstrata PLC Announces Board Changes
Xstrata PLC announced that Chief Executive Officer (CEO) Mick Davis has agreed with Glencore International plc to not take up the six month role of CEO and Executive Director of Glencore Xstrata plc (Glencore Xstrata or the Combined Group) following completion of the merger. Consequently Mr Davis will step down from Xstrata plc upon completion of the merger, currently expected to be May 02, 2013, allowing Glencore CEO Ivan Glasenberg to assume the role of CEO of the Combined Group from the effective date. Pursuant to the terms of the Merger, Mr Davis's position on the Glencore Xstrata Board will be taken by a current Xstrata executive from the effective date. Full Article
Glencore International PLC Concessions To China Expected For Xstrata PLC Deal-Reuters
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
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
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
Xstrata PLC's Australian Coal Unit To Cut More Jobs In Australia-DJ
Dow Jones reported that Xstrata PLC's australian coal unit said it would lay off more workers in the country as it merges two local divisions and closes its Brisbane office. Xstrata Coal's New South Wales and Queensland divisions would be combined in a single unit, to be known as Xstrata Coal Australia and headed by Chief Operating Officer Ian Cribb, the Company said in an emailed statement. The Company didn't specify how many jobs would be cut as part of the changes. Full Article
Xstrata PLC Recommends Final Dividend
Xstrata PLC announced that the Directors have recommended the payment of a final dividend of $0.315 per share for approval by shareholders, bringing the dividends paid in 2012 to a total of $0.455 per share. The final dividend will be paid on June 7, 2013. The record date is May 24, 2013. Full Article
Philippines Approves Xstrata PLC $5.9 Billion Mine Environmental Permit-DJ
Dow Jones reported that the Philippines environmental regulator has given a unit of Xstrata PLC conditional approval to develop what will be Philippines' gold and copper mine. Environmental approval at the $5.9 billion Tampakan mine, which the Company will produce around 375,000 tons of copper and 360,000 ounces of gold a year over a 17-year period, has been complicated by a ban on open-pit mines in South Cotabato province. The mine, which covers nearly 100 square kilometers, also straddles Sarangani, Sultan Kudarat and Davao del Sur provinces on the southern island of Mindanao. Xstrata Copper subsidiary Sagittarius Mines Inc. will still need approval from the local government and other state agencies. Full Article
Glencore International PLC Updates on Merger with Xstrata PLC
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
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