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Trading places

Revenge is a dish best served cold, and while Mick Davis is probably not a man who believes in retaliation for past affronts, the former head of Xstrata has reason to gloat, just a little, about the ill-fortune of his one-time colleague, Glencore’s boss, Ivan Glasenberg.

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Glencore’s Ravensworth North coal mine in the Hunter Valley, New South Wales

Three years ago it was Davis who looked the loser in the US$65 billion takeover of Xstrata by Glencore after Glasenberg decided he would prefer to run the combined business on his own, terminating the