• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 36 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days Wind droughts
  • 6 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 mins Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 10 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 4 days Oil Prices Fall After Fed Raises Rates
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 3 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 9 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 11 days The Federal Reserve and Money...Aspects which are not widely known
  • 13 days How Far Have We Really Gotten With Alternative Energy

Breaking News:

Gasoline Draw Sends Oil Prices Higher

Qatar Holding LLC has Agreed to Glencore's Takeover of Xstrata

Glencore International Plc’s $31 billion takeover bid for Xstrata Plc has now been supported by Qatar Holding LLC, in a move that almost guarantees the success of the bid. Qatar Holding LLC is the second largest shareholder in Xstrata, and has accepted Glencore’s offer of 3.05 shares for ever Xstrata share. Glencore raised its initial offer by 8.9% in September after the Qatari sovereign wealth fund rejected it as too cheap.

Alain William, an analyst at Societe Generale SA, explained that this new vote of support in the takeover means “the deal has greater chance to succeed as Qatar is pivotal in the voting process.”

If successful the deal will add Xstrata’s coal, nickel, zinc, and copper mining operations to Glencore’s commodity trading empire. The resultant company will control about ten percent of all seaborne exports of coal, and three percent of global oil traded.

Related Article: Now is the Time to Invest in Mature Oil Basins: An Interview with Josh Young

The completion of the takeover is still waiting for approval from several regulators, but both companies expect everything to be completed by the end of the year. Peter Davey, an analyst at SBG Securities, said: “I see about 90 percent probability of the deal being voted through. Given that one potential deal breaker -- the link between the retention vote and the merger vote -- is lifted, I would put a high probability of it going through.”

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News