Pre-market trading started yesterday (19-05-11), but full market trading to start next week, Tuesday as it now stands (could change). 530p the float price.

Chart to come when I get it, and any other updates/corrections that I happen to spot.

Humm 400p.

..Pressure lifts on Glencore as Xstrata shares tumble

By Emma Rowley | Telegraph – 6 minutes ago

......
The pressure on commodity giant Glencore to raise its offer for miner Xstrata (Dusseldorf: XTR.DU - news) is decreasing as Xstrata shares traded at their lowest level in relation to Glencore’s since the companies’ planned £50bn-plus merger was announced.

Swiss-based Glencore has offered 2.8 of its shares for each one held by Xstrata shareholders, many of whom have complained the deal undervalues their company.

But wider economic fears are now driving markets. Xstrata on Friday closed at 914.7p and Glencore at 345.35p, signalling each Xstrata share was changing hands for less than 2.65 of Glencore’s share price the lowest ratio since the deal was announced on February 7.

“Trading is being driven by wider macro [economic] concerns,” said one analyst who asked not to be named. “But if the ratio persists and macro worries stay, Xstrata shareholders may decide that offer looks better than at the time of the deal.”

Another analyst said the offer now looks “at the higher end” in comparison to the trading ratio: “Glencore don’t need to bump [their offer].”

Both FTSE 100 resource companies have been hit by the sell-off in the mining sector amid growing economic concerns stoked by the eurozone crisis.

But Glencore, which floated in London and Hong Kong in May last year, is thought to be somewhat protected by the small size of its free float, which makes it harder to short its stock. It is also supported by buying from index tracker funds which need to raise their stakes in the FTSE’s new arrival.

Xstrata meanwhile tends to underperform its sector during a downturn.

Documents detailing the deal are due to be sent to shareholders before the end of this month. Company watchers say Xstrata’s management could come in for criticism, as the papers are expected to reveal chief executive Mick Davis’s new pay package as head of the combined group.

..

.

Link not live mn.. it must be live -):

There you go then Glencore protests at nationalisation of Bolivia mine :-)

That's better.. I thank you -):

.

I blame Stan! :-)

Oh no not.. agaaaain -):

..Glencore and Xstrata merger close to collapse as Qataris oppose deal

By Alistair Osborne | Telegraph – 28 minutes ago


The $65bn (£41.6bn) mega-merger between commodities giant Glencore and miner Xstrata (Dusseldorf: XTR.DU - news) was close to collapse last night after Qatar’s sovereign wealth fund said it would oppose the deal.

In a shock announcement, Qatar Holdings, Xstrata’s second biggest shareholder with almost 11pc, said that while it saw “merit in a combination of the two companies, it is seeking improved merger terms”.

Qatar was widely thought to be ready to back a deal which has already infuriated some shareholders. But its opposition is expected to sound the death-knell for the merger as it currently stands.

Roughly a quarter of Xstrata shareholders are now ranged against the deal, which requires 75pc approval. As Glencore cannot vote its 34pc stake in Xstrata, meaning a no-vote from 16.75pc of investors is enough to sink it.

Ivan Glasenberg, Glencore's chief executive, had offered 2.8 of the company’s shares for each one of Xstrata’s and had calculated he could ride out shareholder opposition from vocal opponents of the deal, including Schroders (Berlin: PYX.BE - news) and Standard Life (Other OTC: SLFPF.PK - news) .

However, the Qataris said last night that they believed “an exchange ratio of 3.25 new Glencore shares for every one existing Xstrata share would provide a more appropriate distribution of benefits of the merger whilst properly recognising the intrinsic stand-alone value of Xstrata”.

Opposition from the Qataris gives Mr Glasenberg little choice but to dig deeper and re-cut the terms of the deal or walk away.

Many Xstrata investors are already incensed that, as part of the deal, the company was trying to railroad through a “retention package” totalling £173m for the miner’s chief executive Mick Davis and senior managers to ensure they remained with the merged group. No performance criteria were attached.

Mr Davis was in line for £29m over three years merely for remaining with the merged company despite the fact that he was one of the main architects of the now crumbling deal.

..

Merger Update

In the light of the recent press speculation, Glencore confirms that it has received a proposal from the Board of Xstrata in relation to certain amendments to the management incentive arrangements that were proposed in the Scheme documents. We are considering that proposal and will make a further announcement when appropriate.

Glencore expected to sweeten terms to win Xstrata

(Reuters) - Commodities trader Glencore, scrambling to save its $30 billion (19.2 billion pounds) offer for miner Xstrata, is expected to sweeten its bid in order to seal the deal, after key shareholder Qatar said it could oppose the takeover on current terms.

Qatar, which remained silent on its intentions for months as it built the second-largest stake in Xstrata, said in a surprise statement on Tuesday that it supported the principle of the deal but demanded an improvement in terms from 2.8 new Glencore shares for every Xstrata share to 3.25.

..Glencore offer for Xstrata 'must be raised’

By Emma Rowley | Telegraph – 11 hours ago
A key shareholder in Xstrata (Dusseldorf: XTR.DU - news) will demand that commodity trader Glencore raises its offer for the FTSE 100 (Euronext: VFTSE.NX - news) miner despite the company reporting its interim profits have halved this week.

The City expects Xstrata to report a slump in earnings over the first six months of the year on Tuesday, as commodity prices have tumbled in the weakening global economic environment.

Xstrata will report that profits for the half dropped 50pc to $1.4bn (£900m), according to the City’s consensus estimates.

In contrast Glencore, whose trading activities mean it can profit from commodity price swings, is expected to report later in the month that its own earnings suffered a less steep fall of 37pc, to $1.5bn, according to analysts at Liberum Capital.

The results, according to Liberum, “will leave many concluding Glencore will not increase its offer to Qatar Holding’s desired 3.25”.

Nonetheless Qatar Holding, Xstrata’s second-biggest shareholder after Glencore, will remain firm in its insistence that Glencore must raise its offer from the 2.8 shares on the table for each Xstrata share, handing the miner’s investors more of the combined company.

The Qataris are understood to see the ball as firmly in Glencore’s court. Amid market suspicions that talks have ground to a halt, their position is that if there is a conversation, Glencore must initiate it and that it will have to be around improving the ratio.

Last week Qatar Holding continued increasing its stake in Xstrata, which on Wednesday edged further above 11pc.

Analysts said that this sent Glencore a warning that they were happy to remain an investor in the miner as a stand-alone company and can keep increasing their holding. “If Qatar owns 20pc then Glencore’s 34pc is not as important as it used to be,” said a fellow Xstrata shareholder.

If the merger falls apart, the investor suggested, “Glencore comes back with another deal which is maybe even worse but the Qataris won’t let them do this, seems to be the pretty clear message.”

However, Glencore maintains that its current offer represents a more-than-adequate premium for Xstrata, particularly given the latest earnings estimates.

With both companies’ shareholders due to vote on the deal on September 7, the expectation is now that Glencore will wait before its own results are out on August 21 before raising or tweaking its offer.

But that is not seen as a certainty by those watching the deal.

Analysts at Liberum now assign just over a one-in-two probability that the deal completes with Glencore offering 2.8 or 3 shares.

They rule out the chance of Glencore going all the way to the 3.25 level at which it can rely on the Qataris’ support

Interim Results

Glencore halts Hong Kong trading ahead of announcement

HONG KONG | Tue Sep 25, 2012 3:30am BST

(Reuters) - Commodities trader Glencore International (0805.HK) (GLEN.L) halted trading in its Hong Kong shares on Tuesday ahead of the release of a price sensitive information, the company said in a stock exchange filing.

The move follows last week's ruling by Britain's takeover regulator, which gave mining group Xstrata Plc (XTA.L) a one week extension to decide whether to accept a $36 billion (22.17 billion pounds) revised offer from Glencore.

The extension - granted at the request of both firms - surprised the market, which had been expecting Xstrata to announce its decision on Monday at the latest.

RECOMMENDED ALL-SHARE MERGER OF EQUALS

Glen is in its best ever shape with or without XTA.

I think many short positions are being squeezed. I expect it to move above 400p this side of the year.

IMS & Third Quarter 2012 Production Report

KEY HIGHLIGHTS

• Overall performance in Q3 2012 was good, despite generally weaker commodity prices.
• Marketing has, once more, demonstrated the robustness of the business model, with low operational gearing and much less direct correlation with commodity prices than industrial activities.
• Industrial activities performance reflected lower prices, but nevertheless delivered a sequential and year-on-year overall volume improvement as we continued to deliver on and benefit from our growth pipeline.
• Debt lower and rolling 12 month credit metrics improved. Our balance sheet retains a level of flexibility which is unique amongst a large part of our peer group.
• Outlook: we are not assuming any short term material improvement in global macro conditions. We are confident that in this environment our business model places us in a strongly competitive position, underpinned by our strong relationships in marketing and our highly capital-efficient low-cost brownfield expansion projects in industrial activities.

Good progress with merger.
They can now start releasing news.