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Apr 17, 2011

Glencore worth up to $69 billion, underwriters say

LONDON (Reuters) – Glencore is already worth as much as $69 billion, with its earnings set to double in two years, according to research from two banks underwriting the commodity trader’s potentially record-breaking listing.

Glencore’s banks are distributing research to potential investors to help convince them to back the previously insular trader as it seeks to raise as much as $12.1 billion.

Apr 17, 2011

Only toughest thrive in Glencore’s trading culture

LONDON (Reuters) – They’re a special breed, likened to robots or followers of a religious sect, such is their unflinching dedication.

Life as a top trader at Glencore, the world’s leading commodities marketing group, means grueling long hours and intense pressure to strike killer deals, salved by handsome financial rewards and a family-like camaraderie.

Apr 16, 2011

Exclusive: Glencore worth up to $69 billion, underwriters say

LONDON (Reuters) – Glencore is already worth as much as $69 billion, with its earnings set to double in two years, according to research from two banks underwriting the commodity trader’s potentially record-breaking listing.

Glencore’s banks are distributing research to potential investors to help convince them to back the previously insular trader as it seeks to raise as much as $12.1 billion.

Apr 15, 2011

Glencore role a comeback for vilified ex-BP boss

LONDON (Reuters) – Former BP Chief Executive Tony Hayward felt “demonized and vilified” over the Deepwater Horizon disaster. A year later, he is landing new senior roles with some of the biggest names in natural resources.

Hayward was dubbed “the most hated — and most clueless — man in America” by New York’s top-selling tabloid the Daily News following the April 20, 2010 blast, which killed 11 men and unleashed the worst oil spill in U.S. history.

Apr 14, 2011

Newsmaker: Ivan Glasenberg’s long walk to Glencore gold

LONDON (Reuters) – As head of the world’s largest commodity trader, Ivan Glasenberg knows everything has a price, even his own closely guarded privacy.

The decision of Glencore International AG GLEN.UL to end years of secrecy with an initial public offering (IPO) puts the publicity-shy 54-year-old fully in the limelight.

Apr 14, 2011

Glencore turns to familiar names for board roles

LONDON (Reuters) – Glencore GLEN.UL, the Swiss commodity trader, named former BP Plc (BP.L: Quote, Profile, Research, Stock Buzz) Chief Executive Tony Hayward to lead a five-strong team of independent directors, as it launched a flotation that could top $12 billion.

Investors considering backing what could be London’s largest-ever listing are likely to scrutinize the directors’ experience and ability to stand up to an executive team used to running a tight-knit partnership with little outside influence.

Apr 14, 2011

Ivan Glasenberg’s long walk to Glencore gold

LONDON, April 14 (Reuters) – As head of the world’s largest
commodity trader, Ivan Glasenberg knows everything has a price,
even his own closely guarded privacy.

The decision of Glencore International AG [GLEN.UL] to end
years of secrecy with an initial public offering (IPO) puts the
publicity-shy 54-year-old fully in the limelight.

Apr 6, 2011

Regulation seen only minor threat to London

LONDON (Reuters) – A clear majority of senior London dealmakers think political and regulatory pressure will at worst only slightly dent the city’s appeal as a financial center, a Reuters poll showed.

The generally sanguine response contrasts with signals that banks including Barclays (BARC.L: Quote, Profile, Research, Stock Buzz), HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz) and Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) could consider moving headquarters elsewhere, and as the Independent Commission on Banking (ICB) readies a report that could reshape the sector.

Apr 5, 2011

Oil, mining M&A: Beware the politics

LONDON (Reuters) – Big mining and oil firms and their advisers need to become more shrewd to get deals through an increasingly tough political landscape, which could spur more tie-ups with state-backed firms, senior bankers say.

BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz) (BHP.AX: Quote, Profile, Research, Stock Buzz), the world’s biggest miner, has ditched three major deals in as many years, including its $39 billion bid for top global fertilizer maker Potash Corp (POT.TO: Quote, Profile, Research, Stock Buzz), in the face of resistance from politicians, competition watchdogs, and others.

Apr 4, 2011

Reuters Summit – Boards play safe as new M&A cycle begins

LONDON/NEW YORK (Reuters) – A nascent recovery in global dealmaking, focused on safer deals with clear strategic logic, probably marks the start of several years of rising mergers and acquisitions, senior dealmakers said on Monday.

While company earnings and balance sheets are strong, economic fragility, natural disaster, and political tumult in the Arab world are hurting corporate confidence and may hold back a more robust recovery in dealmaking, bankers said at the Reuters Global Mergers and Acquisitions Summit.

    • About Quentin

      "Quentin Webb is a Reuters Breakingviews columnist, covering mergers and acquisitions, corporate finance and private equity. He is based in London. Before becoming a columnist, he was a news reporter for Reuters, where he was most recently European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. He joined Reuters in 2003 from Legalease, a legal publisher. He has a first-class degree in psychology from University College London."
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