the question for me is how much did those shares cost them and will they profit from driving the share price down.
World Business Briefing | Europe
Switzerland: Mine Company Sells U.S. Unit
By THE ASSOCIATED PRESS
Published: April 12, 2007
The mining company Xstrata said it would sell its aluminum business to Apollo Management for $1.15 billion. The business being sold, known as Noranda Aluminum, includes a primary smelter and three rolling mills in Tennessee, North Carolina and Arkansas along with other operations, the company said. Xstrata, based in Switzerland, won control of the Canadian mining company Falconbridge last year after a battle against Inco and the copper miner Phelps Dodge Corporation. The $18.8 billion deal allowed Xstrata to diversify into nickel and aluminum and enter the North American market. Apollo Management is a private equity and capital markets investor with holdings in a range of industries in the United States and internationally.
Goldman recommends owning Halliburton Company (NYSE: HAL) and Schlumberger Limited (NYSE: SLB) into earnings. Nabors Industries Ltd. (NYSE: NBR), RPC Inc. (NYSE: RES), C&J Energy Services, Inc. (NYSE: CJES), Basic Energy Services, Inc. (NYSE: BAS), Pioneer Energy Services Corp. (NYSE: PES), and Oceaneering International, Inc. (NYSE: OII) were also mentioned in the report, among others.