Glencore says extras "no need to deal"-Reuters

2-to-1. May 9, 2012 Logo Glencore is headquartered in the town of Zug is seen in front of Switzerland.

Credit: Reuters/r A n d Wiegmann

By Clara Ferreira Marques

London | India standard time August 21, 2012 at 4: 35 pm

London (Reuters)-Glencore (Glenn. miners extras (L for XTA) $ 30 billion bid.L) is not "do deals" the company's Chief Executive on Tuesday, a strong suggestion that he said still improved the proposal for major shareholders will not yield to the demands of Qatar.

Items in the profit in the first half of a small trader report is expected to say Ivan Glasenberg, after a stand-off with than drop Glencore sovereign wealth Fund share all the Extras for stocks new 2.8 Glencore's proposal to improve the needs expressed by Qatar holding and outraged. slamming the market

34% of Glencore well agreement in February with a short but enough to block arguments next month, announced the deal in a vote since Qatar has built a nearly 12 percent stake in the Extras.

"We can't understand where the Qataris require more than 2.8 percent. We have seen anything coming out in support of recent results. In fact, we saw quite the opposite, "said in an interview to Reuters Glasenberg. "It does not need to deal with. We believe the deal makes sense. "

He will certainly not raise Glasenberg on September 7 in the three weeks before the vote, saying the current offer and walk away while Glencore stopped short of a merger proposal in a year or two, you will want to return.

"It's not so it is still someone else later we sit there and look at the possibilities for extra, buying," he said. "It's like the deal we will lose, or do we run away from."

Glencore last year to get more ambitious to fire correctly deal in the long-awaited move to make mining and trading powerhouse has already bid for extra stock does not own would be announced in February. However, Qatar, by March 25, again trading rates June broke months of silence from the.

Glencore also Qatar, almost daily, in the stand-off, flashing for extra buying stock and several analysts said showed the trail it's too soon to write off while they also gave rise to the merger on Tuesday said the risk of collapse.

"Still three, (share exchange ratio) is our base case for the bump, but weakened our beliefs about the night," Jeffrey, analysts note.

"It's an extra smooth expect Glencore market, shareholders, oppositional and ultimately reverse the bump is astonishing 3.0 to tell whether or not fully transparent for the real intention of Glencore did just that and all the bumps are not clear to us does not plan."

The market also is unclear, mainly in the mining sector flat in the morning trade, United Kingdom and increased 1.5%. with the extra share Glencore poorlyF T N M X 1770.

1100 GMT during the extra 1% from 916 pence at 0.2% down to 2.6 times the Glencore 353 pence were closer to the ratio.

"Maybe bump in 3, about 7% is 2.8, given the fact that you would do it, I still think it's probably a little more when in high and you'll get the complete," said Brewin Dolphin Analyst Nick Stanojevic.

The source familiar with the negotiations, after the end of Ramadan between Glencore Qatar imports are expected to resume talks, but there is no meeting planned yet. Glasenberg

<>

Bid live graphs: link.reuters.com/dac78s

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

Marketing, profit drops

Glencore, the commodity prices in a bid to pressure for dropping a little strong and reduced margins, offsetting the impact of support to six months for their interests were in recovery support and marketing tasks.

Glencore's first half profit fell 26 percent to $ 1.81 billion, marginally above expectations. in order

Overall 11 percent drop in operating profit in the tight inventory levels of the marketing arm, Glencore, its biggest trade sector-metal-contribution, though less arbitrage opportunities and tough cargo rose market in which Glencore deal had energy said poor results by the army.

Glencore's industrial sector, coal mining, including assets, wells, farm and seed plants produce this crushing operating profit, including arm and 32% due to the impact of the decline in price, significant gains in half, metals and minerals than tasks.

The miners have a hard time sticking with high costs and margins for the major items in the product will be squeezed by weak prices since 2009 looking at the their first profit falls.

Two weeks ago the Extras, the world's largest copper and thermal coal miner, one of the producers of the stubbornly high wages and cut costs to help offset inflation, despite the first half profit reports from 31%. It is partly due to the high price of coal prices tumbling by shielding.

However, the miners were 514 million dollars in six issues, also the South African Platinum miner Lonmin (25% stake values close to the LMI.L).

On the other hand, the revenues from its agricultural goods sold Glencore and some hard hitting the United States in the 1930s Dust Bowl, high prices and drought in the second half after more arbitrage opportunities were agricultural conditions since the signal is expected to benefit from what is said on Tuesday.