Glencore Xstrata leads index on better than expected synergies
Glencore Xstrata shares are leading the FTSE 100 this morning on news that the miner is gaining better than expected synergies from its recent merger (release).
At least $2 billion of synergies estimated for 2014, materially exceeding the initial merger guidance of $500 million;
$450 million to come from marketing synergies as forecast, $175 million from financing synergies and $1.4 billion through cost savings
The mega miner will also be receiving a boost from better Chinese data released earlier today.
