Glencore signed new loan commitments of $8.45 billion revolving credit facility. The company took on the new liabilities when it was already struggling to pay off its existing debt of $30 billion. Despite being pulled to the lowest rank in the investment grade, the Swiss commodities trader received support from its loyal lenders, which came as a surprise for some.
Glencore
Breaking News
Suffering from weakening global commodities for the past one year, Glencore has informed its investors about its plans to reduce debt by $10billion. Towards this debt reduction target, Glencore is planning to conclude two deals by the end of this year or early of next year. The Anglo-Swiss multinational commodities major has been facing rough conditions in the market.
Glencore's Chief Executive Officer, co-founder, and second largest shareholder Ivan Glasenberg is set to pay $210 million of the company's impending $2.5 billion sale of new shares to repair its balance sheet.
China National Chemical Corp (ChemChina) is to buy Pirelli (PECI.MI), the world's fifth-largest tire maker, in a 7.1 billion euro ($7.7 billion) deal that will place one of the symbols of Italy's manufacturing industry in Chinese hands.
A second day of weak German data sent European markets into retreat on Tuesday with stocks, the euro and periphery euro zone government debt all knocked by the mounting evidence of an abrupt slowdown in the bloc's economic engine room.
Rio Tinto (RIO.AX) rejected a merger approach from smaller rival Glencore Plc (GLEN.L) to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, hit a five-year low.
Indophil Resources NL said on Tuesday Philippine-based conglomerate Alsons Group has offered to fully acquire the Australian company for $0.30 a share in an all-cash deal.
Commodities trader and miner Glencore (GLEN.L) and Chinese nickel producer Jinchuan Group are the frontrunners to buy BHP Billiton's (BHP.AX)(BLT.L) Australian Nickel West division, two sources close to the situation said.
A US regulator subpoenaed major metal warehousing firms after an alleged restriction of material inflated prices.
Glencore Xstrata tries it hand in cotton exchange shares amounting to US $150 million.
According to three sources, Glencore Xstrata Plc looked to sell its Dakota Growers Pasta Co unit after its US$6 billion purchase for Viterra.
Glencore acquired 11.6% stake in PolyMet.
Gulf Keystone appointed Simon Murray as new Chairman
Xstrata CEO to set up private mining fund when he leaves company after Glencore takeover.
Bids, mergers, acquisitions and disposals.
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