Xstrata Not for Sale

By Daily Mail, London

Mar. 4–Xstrata brushed aside claims it has hoisted the “for sale” sign, claiming it could yet stun the market with another major metals acquisition.

The Anglo-Swiss metals firm said that although it is still in talks with Brazilian predator Vale, it is not under pressure from majority shareholder Glencore to sell out. Talks with Vale are thought to have floundered on price.

Chief financial Officer Trevor Reid said: “At the centre we will continue to focus on company-transforming deals.”

Reid said Xstrata is particularly keen to build itself into a “significant” platinum player. Xstrata, up 40p to 4000p, remains bullish on record commodity prices despite the threat of a US recession.

Pretax profit more than doubled to UKpound 4.1 billion. The full-year dividend rises 21 percent to 50 cents a share.

—–

To see more of the Daily Mail and the Financial Mail on Sunday, or to subscribe to the newspaper, go to http://www.thisismoney.com.

Copyright (c) 2008, Daily Mail, London

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

XTA, RIO,