The Glencore-Xstrata merger has overcome its final regulatory hurdle as China has given a conditional approval for the $35bn (£22.8bn) merger, which is touted as the biggest merger in the sector to date. It was crucial for Glencore to obtain approval from China which is the biggest buyer of materials it trades and mines. The approval means that Glencore can now begin to sell off its assets its Las Bambas…

Glencore has postponed Xstrata merger deadline again to May 2 due to an ongoing investigation into the deal by China. Glencore has been awaiting for several months for China’s approval of the merger before it can complete its $35 billion acquisition of miner Xstrata. China is the biggest buyer of the materials for Glencore and hence the commodities and trading company has decided to push its merger deadline further until it…

Anglo American has announced a whopping $4bn (£2.54bn) writedown in its Minas-Rio iron ore project in Brazil as a result of escalating costs of mine development and associated infrastructure. The delays in the Brazilian iron-ore project also led to the resignation of chief executive Cynthia Carroll. Minas-Rio is Anglo American’s biggest growth project, which was expected to see a writedown in value by $3bn (£1.9bn)-$5bn (£3.18bn).On paper, the iron ore project was valued…

In a dramatic twist of events that unfolded yesterday in the all-important Xstrata shareholders meet regarding the Glencore-Xstrata merger, Sir John Bond will resign from his position as the chairman of the £50bn natural resources merged entity Glencore-Xstrata almost as soon as it is created, after shareholders unanimously approved the merger deal but rejected the £140m retention packages for key senior managers. The axe fell on Xstrata’s chairman Sir John…

The long-pending £50bn Xstrata-Glencore merger has finally got the unanimous approval of Glencore board with 99.4% votes, on a condition to do away with the generous payments proposed to retain the company’s senior management. The spotlight now shifts to Xstrata’s board, where proceedings are not likely to go smooth, for the £50bn merger Xstrata-Glencore deal. It has taken nine months of wrangling over bid price and executive pay as well…

Lonmin-Xstrata deal has been vetoed by Lonmin, for want of better terms of the deal by the third-largest platinum producer. The reverse takeover proposal from its 25% shareholder Xstrata would have seen Lonmin take on Xstrata’s platinum assets. The Lonmin-Xstrata deal, which has been rejected, now jeopardises Xstrata’s intent to raise $817m (£511m) from its investors to cut its hefty debts. Lonmin disclosed that Xstrata had suggested the two miners…

After a week-long wait for the much-awaited announcement to create a giant mining and commodities trading company, Xstrata has accepted the revised bid terms of the £52 billion merger with Glencore, with just one condition that the shareholders also support the controversial £140 million worth retention packages to hold back Xstrata’s key managers for at least two years. Since September 10, Glencore has been battling to convince Xstrata’s shareholders with…

Contrary to the expectations of a decision to have been effected regarding the Glencore – Xstrata merger last Friday, Xstrata was granted an extra week to make a decision regarding the merger by the UK Takeover Panel. Xstrata is expected to complete consultations with its shareholders this week about £140 million retention packages for most of its senior executives, to get a green signal for the £49 million merger with…

Last night, important last-minute meetings were held between Glencore and Xstrata boards to review the terms and conditions for the crucial $80 billion (£49 billion) merger deal between the commodities trader and the miner, and it has emerged that the decision would be out on Friday. Today, the Xstrata board is expected to announce whether it will recommend Glencore’s offer of 3.05 shares for each of its shares. However, sources…

On Wednesday, the Xstrata board, chaired by Sir John Bond, is likely to approve the Glencore – Xstrata £36 billion merger with the revised terms, which values one Xstrata share at 3.05 Glencore shares. Xstrata held a meeting on Friday with independent, non-executive directors to discuss shareholder sentiment. Glencore’s chief, Ivan Glasenberg, at the meeting, reassured Xstrata senior managers that they would be allowed to man the mining assets of…