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Big deals hold the stage
With oil flirting above $100 a barrel and gold bouncing above $1,000 an ounce and back down below $930, the resources markets have not lacked excitement. Concern at beleaguered BP turned from Alaskan environmental issues to Russia, where a police raid on its joint venture partner TNK upset the apple cart.
OIeg Mitvol, Russia’s environmental watchdog, is rumoured to be as stock market savvy as he is carbon footprint sensitive. He moved in on the act by warning of a ‘routine probe’ into TNK-BP’s biggest oil field.
The mining sector continues to be preoccupied with mega-deals, proposed, resisted and agreed. While diversified iron ore, copper, aluminium and uranium group Rio Tinto continues to resist BHP Billiton’s £70 billion plus bid, Brazil’s Vale mining giant conceded that its £44 billion takeover pitch for Anglo-Swiss group Xstrata would fail. However, the market seems convinced that more big deals are on the way.
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