Australian inbound M&A deals declined the most in a quarter of a century as plummeting commodity prices and a faltering local stock market challenged the appetite of overseas investors for the country's assets.
Glencore Xstrata sold its Peru copper mine to consortium led by China MinMetals in an all cash deal valued USD5.8 billion, reported Ventures Africa.
Baar, Switzerland-based mining giant Glencore-Xtstrata is preparing to divest its stake in the Tampakan copper-gold mine in South Cotabato, Philippines, according to a disclosure to the Australian Stock Exchange.
The following bids, mergers, acquisitions and disposals were reported on Wednesday including Sinopec, Apache, AMR, US Airways, Deutsche Bank, EDF, Oxford, Andor, Bank Zachodni WBK, Shuanghui, Campofrio, OCZ, Toshiba and CVS Caremark.
With an expectation of strong demand for its shares in the market, Glencore Xstrata would be making its market debut in the Johannesburg bourse today.
Vitol SA obtains favorable LIbOR for its one year and three year credit lines.
Glencore Xstrata was unlikely to be considered a bidder for OZ Minerals, said a banker familiar with both companies.
The projected savings for the merger of Glencore and Xstrata was at UDD500 million but nearly a year later, the savings is worth four times that projected amount.
According to a Bloomberg report, the biggest mining companies were set to spend USD244 billion on expansions amid Glencore Xstrata Plc's CEO call to end oversupply in mineral markets.
Sources told Reuters that Chinese copper company Jiangxi Copper Co could be a potential buyer for Glencore Xstrata’s Peru mine.
BHP Billiton slow to build into expanded operations in the potash industry through delaying production at the giant deposit until at least 2020.
Glencore announced plans to sell off parts of recently acquired Xstrata assets.
A unit of Glencore Xstrata revealed that it would scaling back on its workforce as well as its budget in the Tampakan copper-gold mine in South Cotabato, Philippines.
Glencore Xstrata announced the sale of its US$5 billion-plus Las Bambas copper project.
More discussions between Rio and Glencore is said to have transpired after early talks were held for the venture of two thermal coal assets in Australia.
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