The new Glencore offer is "significantly lower than would be expected in a takeover" and the intention to replace Mick Davis represented “a significant risk” says Xstrata's board.
Even before building up Xstrata through a series of billion dollar transactions, Big Mick was a formidable dealmaker who with fellow South African Brian Gilbertson created Billiton before selling it to BHP in 2001.
In anticipation of the job's report, the markets and gold jumped yesterday, but there was no good news for President Obama as Friday's report shows the US added a paltry 96,000 jobs in August.
Glencore International (LSE:GLEN) has postponed its Friday shareholder meeting where voting would have taken place on its proposed $34 billion takeover of Xstrata (LSE:XTA).
Rio Tinto (ASX:RIO) has teamed up with Sydney's University of New South Wales to create the world's first virtual mine for the purpose of teaching block caving