Glencore CEO: Focused On Showing Xstrata Holders Glencore's Value
March 05 2012 - 4:04AM
Dow Jones News
The chief executive of Glencore International PLC (GLEN.LN)
plans to meet with Xstrata's shareholders to convince them that the
current merger of equals with Xstrata PLC (XTA.LN) makes sense at
the current valuation.
Chief Executive Ivan Glasenberg will meet with Xstrata
shareholders following its full-year results to better explain two
misconceptions about Glencore's business: namely the quality and
size of its industrial assets and the way its marketing business
operates.
"Our job is now to visit the Xstrata shareholders," Glasenberg
said. "We have to explain to them a bit more of the Glencore
model."
He declined to comment on whether there was scope to increase
the share swap ratio.
"We cannot say that now. We cannot definitely comment on that,"
he told Dow Jones Newswires in an interview.
Glencore agreed to issue 2.8 Glencore shares to Xstrata
shareholders for every Xstrata share. Four Xstrata shareholders
accounting for nearly 5% of Xstrata's total outstanding capital
have said the current ratio isn't sufficient.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328;
alex.macdonald@dowjones.com
Glencore Xstrata (PK) (USOTC:GLCNF)
Historical Stock Chart
From Sep 2024 to Oct 2024
Glencore Xstrata (PK) (USOTC:GLCNF)
Historical Stock Chart
From Oct 2023 to Oct 2024