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’Snap news
Breaking pre-market news on Tuesday,
- BP installs new spill cap, warns success “cannot be assured” — statement.
- Frank Timis’ African Minerals gets $1.5bn strategic Chinese investment – statement.
CDS report: The week in perspective
Markit’s Gavan Nolan wrote this CDS report
A sense of foreboding enveloped the credit markets last week. A plethora of economic indicators – leading and lagging – gave investors cause to question the V-shaped recovery being priced into credit spreads.
CDS report: Alcoa and retail sales boost sentiment
Markit’s Gavan Nolan wrote this CDS report
European credit indices resumed their rally after yesterday’s brief hiatus. But the spread tightening was modest compared to movements earlier this week, and the rally in both credit and equity markets lost momentum in the afternoon.
Alcoa surprises with Q3 profits
Alcoa, the biggest US aluminium producer, surprised investors on Wednesday by reporting a Q3 return to profitability after three consecutive quarters of losses, thanks to rising metal prices and cost-cuts.
Overnight markets: Sell
Asian markets moved sharply lower on Wednesday, falling for a second consecutive session as traders digested losses at Alcoa and Daiwa Securities. Alcoa, the world’s largest aluminum producer, posted a larger-than-expected quarterly loss of $497m while Daiwa warned it would report an annual loss after booking a Y17.4bn ($173m) decline in the value of its securities holdings.
Alcoa to slash dividend, sell stock
Alcoa, the largest US aluminum maker, plans to sell stock and convertible notes, slash its dividend and cut costs to conserve cash as the company braces for its second straight quarterly loss, reports Bloomberg. The quarterly dividend will be reduced to 3 cents a share from 17 cents,
Alcoa sees profits plunge
Alcoa, the largest US aluminium maker, highlighted the difficulties facing global manufacturing and construction by reporting a Q4 $1.19bn loss, exceeding estimates by even the most bearish analysts. The company seemed blindsided by the pace of decline in aluminium prices,
CDS update: US weakness weighs on Europe
This CDS report was written by Markit’s Gavan Nolan
European credit indices gave back some of their gains this afternoon following disturbing news from the US. This morning saw a continuation of the recent rally,
Alcoa to slash 13,500 jobs
Alcoa, the largest US aluminium group, said Tuesday it would cut 13,500 jobs, or 13% of its worldwide workforce by the end of 2009, halve capital expenditures and curb production amid the economic downturn.
Chinalco sits on Rio stake
Chinese aluminium giant Chinalco, which last month led a $14bn stake investment in global miner Rio Tinto, has not increased its holding in Rio despite an agreement with its partner that allows them to buy more,
Chinalco assures on Rio stake
The president of Chinalco, which paid $14bn for a 9% stake in bid target Rio Tinto last week, insisted on Monday the company had no plans to increase its stake but would consider selling the stock at the right price.
BHP’s Rio bid hangs in balance
BHP Billiton is still deciding whether to walk away from its $119bn (£60.5bn) bid for rival Rio Tinto after Chinalco, China’s state-owned mining group, bought 12% of Rio’s UK-listed shares in partnership with Alcoa of the US in a “dawn raid” on Friday,
Rio Tinto acquires a Chinese wall to ward off BHP Billiton
On Friday the battle for control of Rio Tinto turned geopolitical. Spectacularly so.
Chinalco, a Beijing-based mining group which counts as China’s largest aluminum producer, has hooked up with the world’s largest aluminum firm,
BHP Billiton bid for Rio Tinto
The world’s largest miner BHP Billiton has confirmed an approach for Rio Tinto – right on the back of the completion of Rio’s takeover of US aluminium miner Alcoa. If successful a merged Rio Billiton could be worth upwards of £80bn
BHP Billiton’s is understood to have approached Rio with merger terms over the weekend,
Alcoa sells Chalco stake for $2bn
Alcoa, the US aluminium group, said on Wednesday it had sold its 7 per cent holding in Aluminium Corporation of China (Chalco) for $2bn, but denied the sale represented a partial withdrawal from the Chinese market.
BHP considers bid for Alcoa
BHP Billiton, the Anglo-Australian miner, has asked Merrill Lynch and JPMorgan to weigh up the merits of making a bid for Alcoa, the US aluminium group, following rival Rio Tinto’s $38bn offer for Alcan of Canada,
Rio seals $44bn Alcan bid as Alcoa withdraws
Rio Tinto, the UK-listed mining group, on Thursday said it was planning billions of dollars worth of disposals to help pay for Alcan, the Canadian aluminium group, which it agreed on Wednesday to buy in a friendly $44bn deal,
Is private equity ready for mining?
One financial constituency has kept an unusually low profile from the endless stories about how or by whom Canada’s Alcan may be taken over.
Seemingly ubiquitous in the deal-making in other sectors,
Rio puts its Alcan terms on the table
After endless to-ings and fro-ings, pregnant corporate pauses and media guess-work, we actually got hard terms on Thursday from Rio Tinto in its $38bn bid to takeover Canada’s Alcan:
Recommended cash offer worth $101 per share
Alcan chief executive Dick Evans to stay on,
Alcan and Rio Tinto in friendly talks
Alcan and Rio Tinto were on Wednesday night in the final stages of negotiating a friendly deal worth more than $30bn for the Canadian metals group to be taken over by its London-listed rival. An announcement could come in the next few days,
Alcoa extends Alcan hostile bid deadline
Alcan, the Canadian aluminium producer, is facing protracted uncertainty after US rival Alcoa extended the deadline of its hostile $27.5bn takeover bid and mining groups Rio Tinto and BHP Billiton continued to weigh up launching competing bids.
BHP talks to buy-out firms on Alcoa
BHP Billiton, the world’s largest mining company, is understood to have begun talks with private equity firms over a possible $40bn takeover of Alcoa, reports The Times. Sources close to the company said that BHP’s favoured partner is Blackstone Group.
US Q2 profits set to lose some shine
US second-quarter corporate profits grew at the slowest rate in more than five years, hit by troubles in the domestic housing market and weaker commodity prices, according to analysts’ estimates. The Q2 reporting season,
BHP’s tin-can ambitions get curiouser and curiouser
The rumour mill is working overtime on BHP Billiton and its reported interest in Alcan, the Canadian aluminium group, and/or Alcoa, its US rival. Complicating matters is the fact that Alcoa is currently trying to take Alcan over,
Alcoa back on BHP’s agenda?
BHP Billiton, the world’s largest mining company, has revived plans for a $40bn takeover of Alcoa, the aluminium producer, reports The Times. It is understood that the Anglo-Australian miner was looking at a possible bid for Alcoa in February but the plan was sidelined by Chip Goodyear,
Alcan and LionOre amid metals and mining ‘madness’
In today’s hyperactive metals and mining sector, “accepting the first takeover bid that comes your way would be madness,” says Lex.
Alcan, the Montreal-based aluminium producer, has produced a litany of objections to a $27.6bn hostile bid by Alcoa,
BHP Billiton and Alcan ‘in discussions’
BHP Billiton and Alcan are in discussions, just as Alcan tries to thwart attempts by Alcoa to take it over, reports Marketwatch, citing a report in Wednesday’s Globe & Mail.
Alcan has admitted discussions with third parties but has so far refused to identify who they are.
Alcan rejects ‘inadequate’ Alcoa bid
Alcan, the Montreal-based aluminium producer, has produced a litany of objections to a $27.6bn hostile bid by Alcoa, its US rival. Describing Alcoa’s offer as “inadequate in multiple respects”, Alcan said it did not offer an appropriate control premium,
Alcan bid set to open up a host of deal opportunities
The aluminium industry will remain in the spotlight this week following the $33bn (£17bn) hostile bid by Alcoa of the US for Canadian rival Alcan last Monday, with increasing speculation that other companies are preparing competing bids.
Alcoa’s $33bn bid: Is aluminium the ‘new steel’?
Alcoa, the US-based aluminium producer, has made a hostile $33bn cash-and-shares bid for Canada’s Alcan in the latest move towards consolidation in the global metals industry. A merger would create the world’s biggest aluminium producer,