Skip to content
Subscriber Only

Glasenberg Breaks Word on Equal With Xstrata Merger Near

When Ivan Glasenberg walked into a members-only club in London’s Mayfair district on Sept. 7 at about 2 a.m. to see a customer, he’d just played what’s seen as the winning hand in negotiations to seal a $30 billion takeover.

Few patrons knew the billionaire chief executive officer of Glencore International Plc had just promised to add stock valued at $3.5 billion at the time to close the year’s biggest deal at the nearby Claridge’s hotel with the Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr al-Thani, or that he was due at a shareholder meeting a few hours later in Switzerland.