Analysts and investors awaited the Glencore-Xstrata merger pack yesterday. And waited, and waited.
The eagerly anticipated documents outlining the mega merger – billed as mining’s biggest ever – had already been delayed from April to the last working day in May.
Hundreds of pages – including details of Xstrata boss Mick Davis’s controversial multi-million pound pay packet – finally appeared at 5pm last night as the City was beginning its escape ahead of the Jubilee bank holiday weekend.
Funny that.
Into the known
Royal Bank of Scotland senior spinner Andrew Wilson is off to join Sir Martin Sorrell’s advertising giant, WPP.
It’s always good to know your new colleagues and that’s certainly the case for Andrew. RBS outsources its marketing and PR to Sorrell’s mad men, namely subsidiary companies Finsbury and Mediacom.
Less to celebrate
A not-so-happy anniversary for Santander’s Spanish parent company.
On May 31 last year Banco Santander’s shares closed at a year high of €7.93. Hurrah!
But a year rolls round and its no longer a happy return. Yesterday they slid to €4.23 in intra-day trade, an annual low. That’s a 46pc drop in value for investors.
Not to worry. For the next few weeks UK shareholders can take advantage of Santander’s very generous offer of a10pc discount at Melia Hotels... in Spain.
Square Mile wheels out its best for alpine ride
City wheeler-dealers gathered at Broadgate Tower this week – home to law firm Reed Smith – to discuss sweating their, um, assets.
Bigwigs Chris Milner of Goldmans, GE Capital’s Bruno Hesse and Megan Kenney of Credit Suisse, may ride in a pack of cyclists at this year’s Trois Etapes in France.
The alpine mountain bike challenge takes on some of the Tour de France climbs and is sponsored by LDC, Lloyds Banking Group’s private equity arm, partnered with armed forces charity Walking with the Wounded.
But Reed Smith’s managing partner, Richard Swinburn, fears participating could see him go downhill – for good.
“I am sure it would literally be a once in a lifetime opportunity if I took part,” he said.
