Activist Tribeca asks Glencore to move main listing to Sydney, FT reports
Activist investor Tribeca Investment Partners has called on Glencore to shift its primary listing from London to Sydney and abandon a plan to spin off its profitable coal business, the Financial Times reported on Wednesday.
Tribeca wrote to the Swiss commodity giant's board this week with a list of proposals, including moving its listing to the Australian Securities Exchange to boost its share price, which it said had lagged behind its rivals, according to the report.
The Australian hedge fund also recommended increasing dividends by discontinuing share buybacks and divesting a minority stake in Glencore's lucrative trading division via an initial public offering instead of spinning off its coal business, the FT said.
Glencore declined to comment on the report.
Last year, after a Glencore-led consortium agreed to buy Canadian miner Teck Resources' steelmaking coal unit in one of biggest deals in the sector in years, it paved the way for an eventual spin-off of its own coal business.
Glencore CEO Gary Nagle said in February that when they announced the deal, their intention was to spin out the unit, but it was always subject to what shareholders wanted.
"We will consult with our shareholders, and it's the decision of the shareholders ultimately to do that," he had said then.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
