BHP rejects activist fund Elliott urge to spin off US oil assets
Company says the associated risks of spinning off about $22 billion of its US oil assets and listing them in New York would significantly outweigh any potential benefits.
In all $265 million will be doled out to senior management at Xstrata to stop them from jumping ship after a merger with Glencore. The two companies are also paying $200 million to their advisers to push the deal through.
The prospectus giving details of the creation of a $90 billion mining and commodities trading behemoth will finally find its way to the inboxes of shareholders today.
Ruchir Sharma, head of emerging markets at Morgan Stanley, makes one of the most bearish statements yet on the end of the so-called commodity supercycle.
After a week of protests, Spanish coal miners have decided to go on indefinite strike amid fears their entire industry is about to go to the wall, after the government slashed the coal’s sector subsidy by two-thirds.