Merger plan spec­u­la­tion

Townsville Bulletin - - Investor -

GLOBAL min­ing gi­ant Xs­trata has ap­pointed a new chair­man amid spec­u­la­tion the shift will pave the way for a merger with com­modi­ties gi­ant Glen­core. News of the Xs­trata board move came this week as the Swiss­based met­als and min­ing group con­tin­ued its sig­nif­i­cant in­ter­ests in Aus­tralia in­clud­ing nu­mer­ous coal, zinc and cop­per op­er­a­tions. Chair­man Willy Strothotte will re­tire at the group’s May AGM, to be re­placed by for­mer Voda­fone boss, Sir John Bond. Strothotte is also the chair­man of Glen­core, which is pre­par­ing for its ini­tial pub­lic list­ing. Xs­trata is listed on the Swiss and Lon­don stock ex­changes and its chief ex­ec­u­tive Mick Davis said that it was ‘‘ un­sus­tain­able’’ for both com­pa­nies to be listed.

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