Glencore Xstrata plunges into loss on merger write-downs | Bangkok Post: news

News > World

Glencore Xstrata plunges into loss on merger write-downs

- +

Mining giant Glencore Xstrata plunged deep into the red on Tuesday but defended its long-delayed merger three months ago, saying that cost savings would be higher than expected. 

A logo of the mining group Xstrata is seen on September 7, 2012 at its headquarters in Zug. Glencore Xstrata on Tuesday reported a switch into a first-half net loss of $8.9 billion, owing to write-downs for the merger of Glencore and Xstrata.

During the first half of the year, the new company posted a net loss of $8.9 billion (6.6 billion euros), owing to merger write-downs.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

0 people commented about the above

Readers are urged not to submit comments that may cause legal dispute including slanderous, vulgar or violent language, incorrectly spelt names, discuss moderation action, quotes with no source or anything deemed critical of the monarchy. More information in our terms of use.

Please use our forum for more candid, lengthy, conversational and open discussion between one another.

  • Latest
  • Oldest
  • Most replied to
  • Most liked
  • Most disliked

    Click here to view more comments