Key highlights below:
• Commodities trader Glencore International PLC agrees to acquire the remaining 65.9% interest, which it did not already own, in Swiss mining company, Xstrata PLC in a deal worth US$48.2bn.
This marks the largest ever M&A deal in the materials sector, and breaks into the top ten biggest deals in Europe on record (ranks 9th). It is 2012’s largest M&A deal globally, across all sectors.
• The deal brings the value of 2012 announced Materials M&A to US$73.5bn, an increase of 38% on this time last year, and accounting for 39% of worldwide M&A so far this year.
• Morgan Stanley, Citi, JP Morgan, Deutsche Bank, Goldman Sachs and Nomura are advising on the deal. It is expected that the banks will earn US$149.2m in advisory fees between them.
• Glencore will issue 2.8 new shares for each Xstrata share
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