Glencore Xstrata no longer exists. Instead, the name of the company has been altered to something simpler: Glencore.
Shareholders of Glencore were advised at the annual general meeting of the company that the name would change from Glencore Xstrata plc to Glencore plc, a move that has already been approved by the Jersey Companies Registry.
Glencore Xstrata was formed when Glencore merged with Xstrata in 2012. Since then, the company cut spending and shelved many of the former Xstrata projects in an effort to remain profitable during difficult market conditions.
“We have reduced a large amount of the costs since acquiring Xstrata,” chief executive Ivan Glasenberg told shareholders. “The savings now, we have increased them by another $US349 million since our last announcement, and its taking the cost savings in view of the merger, which will all be coming into place by the end of 2014, to an amount of $US2.4 billion.”
The effective date of the new issuer name, Glencore plc, came into effect on the JSE Limited on 23 May 2014.