Mining firm Xstrata has formally announced plans to merge with Glencore, the world’s biggest commodity trader. The deal would value the combined new business at $90bn (£56bn), of which Xstrata would comprise $39bn.
The announcement came as Xstrata revealed a 20% increase in profits for 2011, to $5.9bn (£3.8bn).
See http://www.bbc.co.uk/news/business-16907816.
There are significant concerns about both companies’ records on human rights, labour rights and the environment. See articles listed at http://londonminingnetwork.org/tag/xstrata/, http://londonminingnetwork.org/?s=glencore, http://www.minesandcommunities.org/list.php?r=851 and http://www.minesandcommunities.org/list.php?r=333.
See also: How £50m in UN food aid for starving went to buy wheat from Glencore, http://www.guardian.co.uk/business/2012/feb/06/un-food-aid-glencore-xstrata?INTCMP=ILCNETTXT3487.