Tuesday, February 7, 2012

Summary Box: Glencore, Xstrata in $90B merger (AP)

MOTHER LODE: Anglo-Swiss mining group Xstrata PLC announced plans Tuesday to merge with commodities trading giant Glencore International PLC in a deal that will create the world's fourth largest natural resources group.

COMBINED CONTROL: The combined company, to be called Glencore Xstrata, with a market value of $90 billion, will control a chain of businesses from mining to refining, storage and shipping of basic commodities like coal, copper and corn.

KING COAL: The new group will be the world's largest producer of thermal coal, used to fire power plants, as well as a major force in mining and producing copper and other metals.

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120207/ap_on_bi_ge/eu_britain_glencore_xstrata_summary_box

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