Top Glencore Shareholders Favor Keeping Coal Over Spinoff [Financial Post (Toronto, Ontario, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Several of Glencore Plc's largest shareholders believe that the company should retain its coal assets, according to people familiar with the matter, throwing a proposed spinoff into doubt. Glencore, the world's largest shipper of thermal coal with a market capitalization of about $73 billion, had said it intended to spin the business off within two years of closing a deal to buy the steelmaking coal assets of Teck Resources Ltd. Article content Article content But major Glencore shareholders believe that the company would be better off retaining its coal business, the people said, asking not to be identified because the information is private. The company's largest shareholders are former Chief Executive Officer Ivan Glasenberg, the Qatar Investment Authority, and BlackRock Inc. Glencore's coal business is one of its most profitable units, dri
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