3rd Sep 2014 05:54
LONDON (Alliance News) - Glencore PLC and Brazil's Vale SA have withdrawn from talks over combining their Canadian nickel assets, a deal which could have produced more than USD1 billion in annual cost savings, Reuters reported Wednesday, citing sources close to the matter.
The discussions are understood to have broken down partly due to a disagreement on how to share the costs and savings, as well as concerns about the likely government and union reactions to potential job cuts and shutdowns, Reuters citing the sources as saying.
The talks involved the potential linking of the two companies' nickel mining and processing facilities in the Sudbury basin in southeast Canada.
http://uk.reuters.com/article/2014/09/02/us-glencore-vale-sa-nickel-idUKKBN0GX22F20140902
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Glencore