Mergers and Acquisitions: Barclays DIVESTS UPP, Xstrata SOFTENS On Glencore
Barclays PLC (NYSE:BCS) has divested a 60 percent investment in the United Kingdom student housing company University Partnerships Programme, to The Netherlands’ PGGM for a price estimated at £840 million. Reuters says that Barclays is now mulling the sale of the remaining 40 percent in UPP, as it seeks to take advantage of the strong investor demand for student accommodation.
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The board of Xstrata Plc (XSRAY.PK)(XSRAF.PK) is now expected to recommend Glencore International plc’s (GLCNF.PK) revised offer as early as next week, according to Reuters, even though it might contain certain qualification surrounding such matters as staff retention. At that point the board might insist upon guarantees from Glencore regarding key managers, or modifications might be made in Xstrata’s retention package for top executives.
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