05/03/13 15:17 CET
| updated xx mn ago
| updated at xx
Glencore’s net income fell by a quarter last year due to lower prices for commodities, but it made more money from trading so did not suffer as much as some rivals.
That modest drop was important as Glencore is just a month away from its takeover of miner Xstrata – which will make it the world’s fourth-largest diversified mining company.
The company said nothing about what assets it might dispose of after the merger.
The market has been keenly awaiting a roadmap for the combined Glencore-Xstrata and had hoped that Glencore would expand on its post-takeover strategy as it announced the latest results.
Glencore’s net income fell 25 percent to $3.06 billion (2.35 billion euros), which was in line with expectations.
Xstrata, reporting separately from Glencore for what should be the last time before the two merge, wrote down the value of nickel, zinc and platinum assets, dragging its net profit almost 80 percent lower.
- 1Britain faces higher taxes and spending cuts after Brexit vote – finance minister
- 2Science and technology boom in Malopolska, Poland
- 3London Stock Exchange – Deutsche Boerse merger under threat from Brexit
- 4Standard & Poor’s strips UK of AAA credit rating
- 5London faces loss of big names as businesses look to beat Brexit by going abroad
Wires > Business
- 05:31 CET Suzuki Motors says Brexit to have ‘major’ impact on earnings
- 03:36 CET Porsche CEO bets big on redesigned Panamera model
- 03:26 CET Japan PM Abe urges BOJ to ensure market liquidity after Brexit vote
- 03:05 CET Sony cuts FY2017 revenue target for devices unit on weaker…
- 02:36 CET Fed’s Powell – Brexit has shifted global risks to the downside
- 01:37 CET Toyota recalling 1.43 million hybrids worldwide for air bag issue
- 00:58 CET EU Commission will do everything to prevent bank run – EU’s Juncker
- 23:52 CET Honeywell names Darius Adamczyk to succeed Dave Cote as CEO