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.

Glencore-Xstrata-targets-brazilian-iron-ore-group

Cazenove note:
GLEN has announced interim Chairman Tony Hayward has been appointed to the role on a permanent basis, having been a leading candidate since the search process began in May’13. We expect a mixed shareholder reaction; Dr Hayward's leadership roles at BP and Genel provide the Board with highly relevant expertise at a time GLEN is increasing its upstream E&P exposure. However the nature of his exit as CEO at BP means he may not be viewed universally positively by the US market. In addition, Dr Hayward may need to earn trust that he has the force of personality to maintain the Board's independence alongside GLEN’s CEO and largest individual shareholder (8.3%) Ivan Glasenberg. We view this is a positive appointment, with the merits to be proved over time.
Dr Hayward brings extensive & relevant industry leadership: Tony Hayward is CEO of Genel Energy, a high growth, emerging market E&P company with assets in Kurdistan and he will retain this role. Previously he was CEO of BP from 2007 to 2010, having joined BP in 1982, but departed following the Macondo oil spill. Dr Hayward has served on GLEN’s board since Apr’11 and was senior NED until he was appointed interim Chairman in May’13. In our view, most UK and European institutional investors will be well disposed to his appointment.
GLEN has highest exposure to bullish Nickel fundamentals: We cite tightening nickel markets following Indonesia’s ore export ban in Jan’14 could be a key foundation for GLEN share price support. Overnight nickel prices have continued to move higher and are approaching $19,000/t. GLEN has the highest earnings sensitivity to nickel of the diversifieds; we calculate a 10% move in the nickel price impacts 2014/15 EPS by 3.4/4.6%.
Valuation: GLEN trades on spot PERs of 16.0/14.2x for FY'14/15E and a base case P/NPV of 0.87x. We continue to believe GLEN’s differentiated commodity mix, marketing business and capital allocation strategy justify a premium rating. However, with a lower likelihood of immediate capital returns than peers, we retain our Neutral recommendation."

When is the record date for 11cent cash distribution?

Half-year production report

Aug 14:
Deutsche: Buy -TP 400p
Barclays: Overweight
Credit Suisse: Neutral - TP 380p

Aug 13:
Investec; Hold - TP: 360p
Liberum: Hold - TP: 300p

Possible cash return
Now repeated in FT.

Results Wed 20 August

Aug 18:: Nomura: Neutral; Deutsche: Buy - TP retained: 400p.

Half-year results

20 Aug: Liberum retains 300p TP.

Aug 21: Deutsche: Buy - TP: 400p; Credit Suisse: Neutral - TP: 380p

H1 xd 3 Sept - payday 19 Sept - 6cents

Aug 31: Jefferies: Buy - TP: 430p

Sept 3:
Jefferies: Buy - TP: 430p
Investec: Add - TP: 380p
Deutsche: Buy - TP: 400p

Lonmin stake to be sold

CEO disnisses bid talk for Anglo American.

Sept 8: Exane BNP: Outperform - TP: 460p

SP falls on Glencore/London Mining dispute

Sept 23: Liberum: Hold - TP: 300p

Sept 30:

Credit Suisse: Neutral - TP: 380p
Deutsche Bank : Buy - TP: 414p
Goldman Sachs: Neutral - TP: 325p
Barclays: Overweight - TP: 420p

Glencore suspends Zambia copper projects

Glencore merger rejected by Rio

Oct 7:
JP Morgan: Neutral - TP: 370p
Credit Suisse: Neutral - TP: 380p
Exane BNP... Outperform - TP: 460p
Deutsche Bank: Buy - TP: N/A
Jefferies: Buy - TP: 430p
Citigroup: Buy - TP: 390p