China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Ivan Glasenberg, CEO of Glencore International stands to receive dividends worth roughly GBP69 million (almost $110 million) on Monday when the commodities giant announces its maiden full-year payment to shareholders, according to the London Sunday Times.
Glasenberg holds more than a 15% stake worth $6.8 billion in the Swiss-based company that went public in a $37 billion listing in May last year and the Sunday Times (sub required) says the market is expecting a 6.3 pence per share divvy on Monday.
Management and staff hold the bulk of Glencore’s shares.
Glasenberg cut his teeth in South Africa’s coal industry in the 1980s and is known as a highly competitive dealmaker that regularly works 70-hour weeks.
The obsessively private Glasenberg is an Australian citizen and his net worth is pegged at $10 billion, placing him behind Gina Rinehart, the Antipodean coal and iron ore tycoon.
Glencore is currently locked in merger talks with diversified miner Xstrata, run by fellow South-African born Mick Davis, that would see the emergence of a resource powerhouse with some $200 billion in annual revenues. Post-merger mining would constitute 80% of the total.
The UK’s Telegraph paper reported over the weekend that Glasenberg is expected to stand firm against demands from Xstrata shareholders that the company increase the current premium of 8% for Xstrata. Glencore is offering 2.8 shares for every one of Xstrata’s.
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Pmeletse2
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