Cerberus Moves On Supervalu, New Glencore/Xstrata Episode: M&A Wrap
Shares of the supermarket operator Supervalu (NYSE:SVU) move higher as Cerberus moves forward with its takeover offer, says Reuters. It’s known that Cerberus will likely sell off pieces of the company, so Supervalu’s board is wondering if it could pull off the piecemeal sale by itself.
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In a now-continuing saga, Glencore International (GLCNF.PK) has scheduled November 20th as its new deadline for a delayed shareholder meetings to vote on a merger with Xstrata (XSRAF.PK)(XSRAY.PK). Glencore is ineligible to vote with its 34 percent interest in Xstrata and those close to the deal remark that “no” votes from only 12 percent of Xstrata shareholders would be sufficient to block the proposal.
Discussions are progressing over General Motors Company’s (NYSE:GM) plan to acquire a 17 percent interest in GM Korea which is held by Korean Development Bank. An agreement might come at any time.