LONDON (Reuters) – Glencore’s GLEN.UL top management, led by chief executive Ivan Glasenberg, is starting several days of meetings with big U.S. fund managers who could support its flotation, two people familiar with the matter said.
The meetings highlight how the world’s largest commodity trader is continuing intensive preparation for a possible listing in London and Hong Kong, despite market turmoil scuppering share issues across the world.
LONDON (Reuters) – IHC Merwede, the Dutch specialist shipbuilder, is negotiating new acquisition loans and is prepared to sell nearly half the company to outside investors as it eyes “sizeable” takeovers to fuel future growth.
IHC’s president confirmed a recent Reuters report that the firm, which generates more than 1 billion euros ($1.4 billion) in revenues, was seeking new backers and had hired JPMorgan and Rabobank for advice.
LONDON, March 17 (Reuters) – Uneasy markets and the canning
of two high-profile European listings mean Glencore [GLEN.UL] is
likely to put off a decision on whether to push ahead with its
flotation until the last possible moment.
Danish outsourcing group ISS [ISSHOI.UL] postponed its
Copenhagen listing on Thursday, only 24 hours after French media
group Lagardere (LAGA.PA: Quote, Profile, Research, Stock Buzz) put off the initial public offering
(IPO) of its 20 percent stake in pay-TV channel Canal+ France.
LONDON, March 17 (Reuters) – Denmark’s ISS [ISSHOI.UL]
pulled its potential $2.8 billion listing, becoming Europe’s
biggest casualty of choppy markets and casting doubt on the
chances of commodities giant Glencore’s [GLEN.UL] float.
The outsourcing group, which closed the books on its
Copenhagen float earlier on Thursday, said concerns about
volatile markets had prompted it to postpone, despite the
offering being oversubscribed within its price range.
LONDON (Reuters) – Uneasy markets mean Glencore GLEN.UL is likely to put off a decision on whether to push ahead with its flotation until the last possible moment.
Glencore has so far played a cagey game, raising expectations of an initial public offering (IPO) by briefing sell-side analysts and getting a potential cornerstone investor lined up in the form of Qatar’s sovereign wealth fund.
LONDON, March 14 (Reuters) – Rabobank [RABN.UL] and Dutch
billionaire Cees de Bruin are planning to sell a stake in IHC
Merwede, the bespoke shipbuilder hoping to benefit from a boom
in deep-sea mining, people familiar with the matter said.
The part-sale of IHC, which designs, builds and equips
vessels for land reclamation, oil drilling and deep-sea mining,
could fetch hundreds of millions of euros and interest buyout
firms and Asian and Middle Eastern shipbuilders, they said.
IHC and its owners — Dutch lender Rabobank’s private equity
arm Rabo Capital, IHC employees, and a unit of de Bruin’s
Indofin — hired JPMorgan and Rabobank’s own investment bankers
to help prepare a sale, the sources said on Monday.
LONDON (Reuters) – Slim margins at Glencore’s GLEN.UL mines and smelters could hamper the Swiss commodity giant’s efforts to attain a premium valuation from a planned multi-billion-dollar listing.
The narrow ratios contrast with better overall margins than its nearest listed rival, Noble Group (NOBG.SI: Quote, Profile, Research), and further muddy the picture for prospective investors weighing up a firm that is a mixture of trader, miner and investor.
LONDON (Reuters) – Commodities giant Glencore has lined up one-time BP executive Rodney Chase as chairman as it prepares for a possible $60 billion float, the Sunday Times reported.
The newspaper said, citing sources close to the situation, that Chase had agreed in principle but had not been formally appointed. It said the other final candidate, former trade minister Lord Davies, had turned the offer down.
LONDON (Reuters) – Ties to Swiss miner Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) may exclude Deutsche Bank (DBKGn.DE: Quote, Profile, Research, Stock Buzz) and JPMorgan (JPM.N: Quote, Profile, Research, Stock Buzz) from the $300-$400 million in fees that a listing of Xstrata’s part-owner Glencore could yield.
A standoff between Glencore Chief Executive Ivan Glasenberg and Xstrata’s Mick Davis — who has called on JPMorgan’s Ian Hannam and Brett Olsher, formerly of Deutsche Bank, for a string of deals — could force banks to take sides.
ZURICH/LONDON (Reuters) – Activist hedge fund Elliott Advisors has hired headhunters to find candidates for the board of Actelion (ATLN.VX: Quote, Profile, Research, Stock Buzz), sources said, as part of its bid to make Europe’s biggest biotech firm consider selling itself.
The sources familiar with the situation said New York-based Elliott, which is dissatisfied with the company’s performance after a series of product setbacks, is also using Georgeson, a firm of proxy solicitors, to secure support from other shareholders.