Xstrata is a Swiss mining group, producing coal copper, nickel, primary vanadium and zinc. Originally founded in 1926 focusing on infrastructure, Marc Rich + Co AG became its majority shareholder in 1990 and it moved into mining. Glencore is bidding to acquire Xstrata, seeking to marry its coal, copper and zinc mines, with Glencore’s trading prowess.
Glencore Xstrata's head of aluminium, Gary Fegel, is set to leave the company, sources said, the first high-profile departure since commodity trading giant Glencore closed its purchase of miner Xstrata this month.
John Bond, the chairman of Glencore Xstrata, the world's largest exporter of power-station coal, was deposed by his shareholders yesterday, with the former chief executive of BP, Tony Hayward, appointed as interim chairman in his place.