Mining and commodity trading giant Glencore is ditching plans to spin off its coal business as shareholders continue to see value in it and aren’t sure a metals-only Glencore would have seen a higher market valuation.
“Over 95% of shareholders that specifically expressed a preference for retention or demerger supported the retention of the coal and carbon steel materials business, primarily on the basis that retention should enhance Glencore’s cash generating capacity to fund opportunities in our transition metals portfolio, such as our copper growth project pipeline, as well as accelerate and optimise the return of excess cash flows to shareholders,” Glencore said.
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