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Glencore

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IN BRIEF: Russia said on Wednesday it sold a 19.5% stake in oil giant Rosneft for 10.5 billion euros ($11.3 billion) to a consortium …

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It seems that international companies and African politicians continue to take advantage of rich mineral resources of Africa, nothing has change. Thus findings of a team headed by former UN secretary general Kofi Annan should not be surprising as thee group claims that the Democratic Republic of Congo lost as much as $1.36 billion because of contracts signed in the 2010 – 2012 period. The staggering loss was mainly caused by iniquitous mining contracts signed by the Congo government and offshore companies, not to mention that prices of these mining assets were understated.

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An upcoming merger which was to take place between miner Xstrata and Switzerland-based commodities giant Glencore is now less likely due to the late demands of the Qatari sovereign wealth fund who happen to be vehemently opposing to the terms of the deal. Both conglomerates are currently listed in London. Qatar, which quietly worked its way up to second spot in the list of Xstrata’s shareholders and now, holds a collective stake of 10% in the company, placed its demands on Wednesday.

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The successful takeover of Xstrata by Glencore might turn the company into the fourth largest miner globally. It has been billed as the “merger of equals” by industry observers and insiders alike. But the merger of Glencore and Xstrata has sent shockwaves in the mining industry. Early in the year, Glencore International reported it had entered talks with Xstrata for a possible $80 billion takeover merger.

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Considered to be the world’s biggest commodities trader and supplier, the Swiss company Glencore, is all set to become bigger and stronger by floating …

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