Glencore (GLEN)

Sector:

Mining

Index:

FTSE 100

435.30p
   
  • Change Today:
      6.55p
  • 52 Week High: 501.90
  • 52 Week Low: 368.95
  • Currency: UK Pounds
  • Shares Issued: 12,201m
  • Volume: 23,665,295
  • Market Cap: £53,110m

Activist urges Glencore to spin off coal assets

By Sean Farrell

Date: Tuesday 30 Nov 2021

LONDON (ShareCast) - (Sharecast News) - Activist investor Bluebell Capital Partners has called on Glencore to spin off its thermal coal business as part of a strategic and governance overhaul, according to reports.
The hedge fund wrote to the miner and commodities trader earlier in November urging it to "chart a new future" without coal. Glencore's plan to spend 30 years before closing its coal mines is "morally unacceptable and financially flawed", the letter said, according to the Financial Times.

Bluebell said Glencore needed to speed up sales of non-core assets and organise the process properly to reduce complexity. With the company dealing with several regulatory investigations, Glencore should improve its governance to give independent directors more say, the fund added.

The hedge fund said if Glencore followed its recommendations the group's shares could gain up to 45% in the medium term. Bluebell did not disclose the size of its stake in Glencore.

Bluebell only manages $200m of assets but it led the successful campaign to jettison Danone boss Emmanuel Faber in March. The letter's contents were revealed before an investor event on Thursday when Glencore's new chief executive Gary Nagle will set out his strategy for the FTSE 100 company.

Nagle has said he would consider a demerger of the coal business if big investors wanted it to happen. The business is expected to make billions of dollars in 2021 after prices surged.

Glencore told the FT it engaged with investors regularly. "We are confident that our business model is uniquely placed to produce, recycle, and market the materials needed to decarbonise energy whilst reducing our own emissions and delivering value for stakeholders," it said.

Shares of Glencore fell 1.5% to 351.8p at 09:54 BST - well below their 530p flotation price in 2011.



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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Glencore Market Data

Currency UK Pounds
Share Price 435.30p
Change Today 6.55p
% Change 1.53 %
52 Week High 501.90
52 Week Low 368.95
Volume 23,665,295
Shares Issued 12,201m
Market Cap £53,110m

Glencore Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
11.80% above the market average11.80% above the market average11.80% above the market average11.80% above the market average11.80% above the market average
70.99% below the sector average70.99% below the sector average70.99% below the sector average70.99% below the sector average70.99% below the sector average
Price Trend
14.4% below the market average14.4% below the market average14.4% below the market average14.4% below the market average14.4% below the market average
45.45% above the sector average45.45% above the sector average45.45% above the sector average45.45% above the sector average45.45% above the sector average
Income
17.93% above the market average17.93% above the market average17.93% above the market average17.93% above the market average17.93% above the market average
47.83% below the sector average47.83% below the sector average47.83% below the sector average47.83% below the sector average47.83% below the sector average
Growth
28.09% below the market average28.09% below the market average28.09% below the market average28.09% below the market average28.09% below the market average
15.62% below the sector average15.62% below the sector average15.62% below the sector average15.62% below the sector average15.62% below the sector average

What The Brokers Say

Strong Buy 7
Buy 2
Neutral 6
Sell 0
Strong Sell 0
Total 15
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Glencore Dividends

  Latest Previous
  2nd Interim 1st Interim
Ex-Div 29-Aug-24 02-May-24
Paid 20-Sep-24 05-Jun-24
Amount 6.50¢ 6.50¢

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 13,122,132 @ 435.30p
16:35 2,747 @ 435.30p
16:35 2,099 @ 435.30p
16:35 14,103 @ 435.30p
16:35 1,718 @ 435.30p

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