contents | table of contents | accessibility statement

Share price: XTA.L GBp 3270.00 (1.71%)

Media centre / News releases

News Releases

All of our press releases are formatted for online viewing and printing (RSS feed available).

Company announcement: Glencore International and CS Group joint interest

Zug, 22 December 2006

This notification relates to issued ordinary shares of US$0.50 each (the “Shares”) in the capital of Xstrata plc ("Xstrata") and to the termination of a capital management arrangement (the “Capital Management Arrangement”) between Duchy Investments Sàrl (a company within the Credit Suisse Group) (“Duchy”) and Glencore International AG (“Glencore”). Glencore entered into the Capital Management Arrangement with Credit Suisse Group in connection with the Xstrata Group’s acquisition of MIM Holdings Limited and associated rights issue in 2003. The Capital Management Arrangement was an arrangement to which Section 204 of the Companies Act 1985 (the “Act”) applied in respect of the Shares.

Xstrata announces that it was notified by both Credit Suisse Group and Glencore on 21 December 2006 that the Capital Management Arrangement was terminated on 20 December 2006.

Xstrata was also notified by Credit Suisse Group on 21 December 2006 that, following termination of the Capital Management Arrangement, Credit Suisse Group no longer has a notifiable interest in the Shares.

Xstrata was also notified by Glencore on 21 December 2006 that:

  1. Immediately before termination of the Capital Management Arrangement, Glencore was interested in 336,801,333 Shares by virtue of Sections 204 and 205 of the Act (the “Section 204 Shares”). Following termination of the Capital Management Arrangement on 20 December 2006, Glencore is no longer interested in the Section 204 Shares by virtue of that section.
  2. Finges Investment B.V. (“Finges”), a wholly owned subsidiary of Glencore, has acquired an interest in a further 151,560,600 Shares (through the purchase from Duchy of the entire issued share capital of Hanmer B.V. (“Hanmer”) which owns 151,560,600 Shares (“Relevant Shares”)).
  3. The number of Shares which each of Glencore and Finges know they were interested in (for the purposes of Sections 203, 208 and 209 of the Act) immediately after the time when its obligation to make this notification arose is 336,801,333. Of these Shares, HSBC Bank plc is the registered holder of 185,240,733 Shares and Credit Suisse is the registered holder of 151,560,600 Shares.
  4. So far as was known to Glencore at the time of its notification on 21 December 2006, its interests in the Shares to which the notification related are not such interests as are mentioned in Section 208(5) of the Act.

As a consequence of the termination of the Capital Management Arrangement and the sale of Hanmer to Finges, the Glencore Goup now owns 35.71% of the issued ordinary share capital of Xstrata.

The sale of Hanmer to Finges does not affect the lock-up agreement entered into by Hanmer with Xstrata in respect of the Relevant Shares for the period commencing on 6 December 2006 and ending on 27 April 2007, announced on 12 December 2006, which remains in force with Hanmer.

As of 21 December 2006, 943,150,383 Shares were in issue.

Xstrata contacts

Richard Elliston
Telephone 020 7968 2885
Mobile 07759 924 576
Email relliston@xstrata.com

Claire Divver
Telephone 020 7968 2871
Mobile 07785 964 340
Email cdivver@xstrata.com