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Banking

WireTap 0900 02/02/12

A round-up of the key stories across the specialist financial media, including news that Glencore and Xstrata are in talks over an $80 billion merger that could reshape the mining industry


Glencore and Xstrata close to $80 billion deal

Glencore and Xstrata are in advanced talks over a nearly $80 billion merger that could reshape the mining industry, combining the world’s largest commodities trading house with one of the largest miners of thermal coal and copper.

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Facebook serves notice on $5 billion IPO

Facebook launched the process for its highly anticipated stock market debut, filing papers for a $5 billion initial public offering that will turn key shareholders into billionaires, most notably Mark Zuckerberg, the 27-year-old chief executive and co-founder.

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Wealthy investors might shrug at Facebook IPO

Wealthy investors aren’t clamouring for a piece of Facebook's initial public offering because some own the stock through private transactions while others shy away from risky technology deals, according to advisers. 

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Exclusive: Mortgage deal would give states enforcement clout 

A proposed settlement to resolve mortgage abuses by top US banks will give states broad authority to punish firms that mistreat borrowers, according to documents seen by Reuters on Wednesday. 

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Ex-Credit Suisse traders admit cooking subprime books

In a rare criminal prosecution to emerge from the financial crisis, two former Credit Suisse traders admitted on Wednesday to conspiring to manipulate the value of about $3 billion in subprime mortgage-backed securities to hide losses as the US real estate market began to collapse in 2007. 

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