Mining

Xstrata wins MIM by a whisker

6 Jun 2003

The UKSwiss miner s bid for its Aussie rival is all over bar the shouting. Xstrata needed 50% of MIM shareholders and got 59%. Opponents may try to block the deal on the grounds that hedge funds increased their votes by splitting their holdings. That may backfire.

Xstrata arbs are still in with a chance

27 May 2003

Forget the creation of shareholder value. The UK miner s rights issue to fund the takeover of MIM shows the value of shareholder creation. If the arbs can find a way to create thousands of new MIM shareholders, they will profit from buying the traded rights on the cheap.

MIM agrees $2.96bn Xstrata offer

7 Apr 2003

The takeover builds the world's largest thermal coal producer, and diversifies Xstrata away from coal and its South African base. It will also earn over Xstrata's cost of capital, it says. Add a bigger, more geared free float, and no wonder shareholders are pleased.

BHP gains greater control over BHP Billiton

6 Jan 2003

The shock departure of CEO Gilbertson due to "irreconcilable differences" weakens the role of the old Billiton. The new CEO, Goodyear, is an exBHP man. He has solid credentials. But investors in the UK arm may worry power is shifting to Australia.

Inefficient Market: The case for gold

12 Sep 2002

Book of gold

30 Jul 2002

Heard in Europe: What gold & UK football have in common

7 Jun 2002

Mining for dollars

21 Feb 2002

Kangaroo split

26 Nov 2001

Copycatting

18 Mar 2001