Trafigura Wrestles With Future of Metals Unit after Losses [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Trafigura's metals business has been under pressure for over a year, as profits shrunk and the company was hit by a massive alleged nickel fraud. The contrast with its hugely profitable energy traders has triggered tensions inside the company at a time when it is also facing questions about succession, with executives jostling for position after one of Trafigura's longstanding leadership trio announced plans to retire next year. Trafigura, which vies with Glencore Plc for the title of the world's largest metals trader, has held preliminary discussions about the business with several potential partners in the Middle East and Asia, according to people with direct knowledge of the matter. The discussions have encompassed a variety of possible deals, ranging from joint ventures on new acquisitions through an investment in some of Trafigura's metals assets or other forms of regional or global partnership, the people said, asking not to be identified as the discussions aren't public.
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