Glencore Xstrata launches after merger
The long-awaited merger between commodities trader Glencore and mining giant Xstrata, both based in Switzerland, was completed on Thursday and the new company said it will be listed on stock exchanges in London and Hong Kong.
As of Thursday, "the entire issued ordinary share capital of Xstrata is owned by the Glencore Group," the new company said in a statement, adding that the company's new joint name was expected to become effective in Jersey later in the day.
Glencore Xstrata thus takes the stage alongside leading global commodities companies such as BHP Billiton, Vale and Rio Tinto.
Trading in the new Glencore Xstrata shares will begin in London on Friday starting at 9am, while Hong Kong trading of the shares will start at 9.30am on May 6th, it said.
At the same time, Xstrata will be delisted from the London stock exchange on Friday and from the Swiss stock exchange on Monday.
Shareholders will receive 3.05 new Glencore shares for each of the shares they currently hold, said the new company, which now counts Xstrata's former non-executive director John Bond as its chairman.
Glencore chief executive Ivan Glasenberg will wear the same hat in the new company.
Glencore and Xstrata's shareholders had voted in favour of the merger last November, with a view to sealing the deal by the end of 2012.
That target was pushed back to March 15th, before again being shifted due to delays in China's regulatory approval, which finally came through last month.
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As of Thursday, "the entire issued ordinary share capital of Xstrata is owned by the Glencore Group," the new company said in a statement, adding that the company's new joint name was expected to become effective in Jersey later in the day.
Glencore Xstrata thus takes the stage alongside leading global commodities companies such as BHP Billiton, Vale and Rio Tinto.
Trading in the new Glencore Xstrata shares will begin in London on Friday starting at 9am, while Hong Kong trading of the shares will start at 9.30am on May 6th, it said.
At the same time, Xstrata will be delisted from the London stock exchange on Friday and from the Swiss stock exchange on Monday.
Shareholders will receive 3.05 new Glencore shares for each of the shares they currently hold, said the new company, which now counts Xstrata's former non-executive director John Bond as its chairman.
Glencore chief executive Ivan Glasenberg will wear the same hat in the new company.
Glencore and Xstrata's shareholders had voted in favour of the merger last November, with a view to sealing the deal by the end of 2012.
That target was pushed back to March 15th, before again being shifted due to delays in China's regulatory approval, which finally came through last month.
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