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☆ Glencore's ex-head of oil charged with bribery offences by Britain's Serious Fraud Office
▼ + stars: | 2024-08-01 | by ( ) www.cnbc.com time to read: 1 min

An employee stands by a logo for Glencore Agriculture in Glencore Plc's offices in Rotterdam, Netherlands. Glencore's former head of oil Alex Beard has been charged with bribery offences relating to the Swiss commodity trader's operations in Africa, Britain's Serious Fraud Office said on Thursday. Beard, 56, is charged with two conspiracies to make corrupt payments to government officials and officials of state-owned oil companies in Nigeria between 2010 and 2014 and in Cameroon between 2007 and 2014, the SFO said. He is one of five ex-Glencore employees charged with conspiracy to make corrupt payments.

Persons: Glencore's, Alex Beard, Beard Organizations: Glencore Agriculture, SFO Locations: Glencore, Rotterdam , Netherlands, Africa, Nigeria, Cameroon

☆ Investor Tribeca presents Glencore with ideas to raise shareholder value – How it may unfold
▼ + stars: | 2024-03-30 | by ( Kenneth Squire | ) www.cnbc.com time to read: +10 min

Tribeca has been a shareholder of Glencore for seven years and has been engaging with management for a year. The company has excellent core asset quality in copper, zinc and coal, as well as a world-leading commodity trading business. Notably, Bluebell Capital Partners agitated for a demerger of Glencore's thermal coal business in 2021. However, in 2023, after acquiring a 77% interest in Teck's steelmaking coal business, Glencore stated its intention to demerge its combined coal and carbon steel businesses. The same can be said for the divestment of the trading business.

Persons: Glencore, David Aylward, Gary Nagle, astutely, Berkshire Hathaway, Ivan Glasenberg, Ken Squire Organizations: Glencore, Tribeca Investment Partners, Tribeca, Financial Times, Australian Securities Exchange, London Stock Exchange, BHP, Rio Tinto, Bluebell Capital Partners, LSE, Rio, NYSE, 13D Locations: Switzerland, Australia, Africa, South America, Sydney, Melbourne, Singapore, London, Tribeca, Glencore, Swiss, Rio, Europe, cyclicality, Berkshire

☆ Glencore's 2023 earnings halve on lower commodity prices
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: +1 min

An employee stands by a logo for Glencore Agriculture in Glencore Plc's offices in Rotterdam, Netherlands. Glencore said on Wednesday lower commodity prices had halved its earnings last year, and slashed its payout to investors, as the company saves to fund the acquisition of a 77% stake in Teck Resources' metallurgical coal business. After two consecutive record years, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) halved to $17.1 billion from $34.1 billion a year earlier, in line with analysts' consensus estimates of $17.15 billion. In preliminary 2023 results, the miner and trader said net debt stood at $4.92 billion at the end of the year, from just $75 million at the end of 2022. London-listed Glencore's payout of $1.6 billion announced on Wednesday does not include a new buyback scheme, after the existing one ends this month, nor a special dividend, as the company uses its cash to fund the $6.9 billion acquisition of Canadian miner Teck's steelmaking coal unit.

Persons: Glencore Organizations: Glencore Agriculture Locations: Glencore, Rotterdam , Netherlands, Teck Resources, London

☆ Teck to sell majority stake in $8.9 bln coal business to Glencore - Globe & Mail
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Glencore will pay $6.9 billion for a 77% stake in Teck's coal unit, while Japan's Nippon Steel (5401.T) will pay $1.7 billion and swap its interest in one of Teck's coal operations for 20% of the coal business, the report said, citing sources. The Wall Street Journal first reported that Glencore and Teck were in advanced talks on a deal that would value Teck's coal assets at close to $10 billion. Glencore and Nippon Steel declined to comment. The Vancouver-based company has twice rejected an unsolicited $22.5 billion bid for the entire company from Glencore. The company in July said it had received offers from "various" interested parties for its coal business.

Persons: Lyle Stafford, Glencore, Korea's, Teck, Posco, Shubhendu Deshmukh, Shubham, Sonia Cheema Organizations: REUTERS, Teck Resources, Glencore Plc, Asian, Nippon Steel, Globe & Mail, Japan's Nippon Steel, Street Journal, Reuters, Thomson Locations: Teck, Vancouver , British Columbia, Canada, KS, Glencore, The Vancouver, Bengaluru

☆ Glencore may look elsewhere for recycling hub after Italy rejects fast-track approval
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +2 min

The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Oct 1 (Reuters) - Glencore Plc (GLEN.L) may look at alternative options for a recycling hub in Europe for electric car batteries after the Italian region of Sardinia rejected a fast-track approval process for its pilot project, the mining company said. The companies said they would set up the hub in Portovesme, in Sardinia, by re-purposing Glencore's existing production sites on the island. Sardinia's regional government said on Friday the pilot project for the recycling hub could not be granted a fast-track approval process. "Glencore may consider alternative options for a European battery materials processing hub if the unnecessary extension of the approval process results in a delayed timeline that makes the project economically unviable," it said.

Persons: Arnd, Glencore, Francesca Landini, Jane Merriman Organizations: REUTERS, Glencore, Cycle Holdings, Thomson Locations: Baar, Switzerland, Europe, Italian, Sardinia, Italy, Portovesme

☆ BlackRock voted against Glencore's climate progress report
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A specialist trader works at the post where BlackRock is traded on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid Acquire Licensing RightsCompanies BlackRock Inc FollowGlencore PLC FollowLONDON, Sept 6 (Reuters) - Major Glencore shareholder BlackRock Inc (BLK.N) was among investors to reject the mining giant's (GLEN.L) climate progress report at its annual meeting in May, citing inconsistencies, a voting disclosure page on the asset manager's website shows. BlackRock allows many clients to cast their own votes at companies' annual general meetings. The page also showed BlackRock did not back a shareholder resolution seeking more disclosure on progress in scaling back thermal coal production, which got 29% support, without saying why. But BlackRock in August reported a further decline in its support for shareholder resolutions on environmental and social themes, citing corporate progress on the areas and poorly crafted measures.

Persons: Brendan McDermid, Glencore, company's, Clara Denina, Simon Jessop, Josie Kao Organizations: BlackRock, New York Stock Exchange, REUTERS, BlackRock Inc, BIS, Thomson Locations: New York City, U.S, Paris

☆ Glencore proposes to buy remaining stake of PolyMet
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: 1 min

July 3 (Reuters) - Glencore Plc (GLEN.L) said on Monday it had proposed to buy the remaining stake in copper miner PolyMet Mining (PLM.A) it does not already own for about $71 million. The Swiss commodity trader already owns 82.26% of PolyMet. Glencore's non-binding cash offer of $2.11 per share values PolyMet at about $410 million, according to Reuters calculation. Shares of PolyMet more than doubled in premarket trading to $1.87. Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Tanay, Shilpi Majumdar Organizations: Glencore, Canada's Teck Resources, Thomson Locations: Swiss, Glencore, Bengaluru

Bloomberg News had reported on May 25 that Bunge and Viterra were in talks to combine, without providing details on the deal's terms and timing. Acquiring Viterra would bring Bunge revenue's revenues -- $67.2 billion in 2022 -- in line with Archer-Daniels-Midland, which registered sales of nearly $102 billion last year. In early 2017, Viterra, then known as Glencore Agriculture, attempted a takeover of Bunge, which was then valued at $11 billion. In May 2017, Bunge rebuffed Glencore after the latter made an informal approach to discuss "a possible consensual business combination." Viterra expanded its business of buying and selling grain in the United States through its $1.1 billion acquisition of Gavilon last year.

Persons: Bunge, Greg Heckman, Privately, Viterra, Archer, Louis Dreyfus Co, Glencore, Abigail Summerville, Anirban Sen, Jonathan Oatis Organizations: YORK, Bunge Ltd, Glencore Plc, Canada, Plan Investment Board, Columbia Investment Management Corp, Bloomberg News, Daniels, Midland Co, Cargill Inc, Bunge, Midland, Agriculture, Thomson Locations: Ukraine, Glencore, Brazil, Viterra, United States, Gavilon, New

TORONTO, May 9 (Reuters) - Pierre Lassonde, a Canadian mining industry veteran, has made an offer to invest in Teck Resources Ltd's (TECKb.TO) coal business, in a bid to thwart Glencore Plc's (GLEN.L) hostile attempt to merge with Teck. Vancouver-based Teck has rebuffed Swiss mining company Glencore's $22.5 billon offer to combine the two companies and is instead pursing plans to separate its copper and coal business. Teck last month pulled its initial business separation plan at the last minute after failing to secure enough shareholder support. Glencore has offered a cash component for Teck's coal business worth C$8 billion ($5.98 billion). A source close to the matter said that an alternative offer for Teck's steelmaking coal business might push the Swiss conglomerate to finally make an improved offer.

[1/2] The logo of battery recycler Li-Cycle Holdings Corp is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest ScheyderMay 9 (Reuters) - Battery recycler Li-Cycle Holdings Corp (LICY.N) said on Tuesday it planned to develop a recycling hub in Italy along with Swiss miner and commodity trader Glencore Plc (GLEN.L) to produce battery materials including lithium. Canada-based Li-Cycle had earlier announced in March that it would be building a French battery processing facility amid rising demand for lithium due to its key role in transition towards net zero. The two companies are expected to complete a joint feasibility study for the project by mid-2024, Li-Cycle said. Once the companies make a final investment decision on the project, commissioning of the hub in Portovesme, Italy, is expected to commence in late 2026 to early 2027.

Barrick has been building its copper business organically and said it is exploring copper drilling opportunities in countries such as Chile and Argentina. "We have always said that if you want to be relevant as a gold miner you have to be in copper business," Bristow added. Gold is often a byproduct of copper, a critical metal required for electrification and the transition to a greener economy. Teck last month withdrew its plan to split its coal and metals business after it failed to secure shareholders' approval. Bristow said Glencore's proposal made a "lot of sense" as Glencore could handle Teck's debt and had offered a clean split of Teck's business.

☆ Glencore says takeover bid for Teck Resources still stands
▼ + stars: | 2023-04-27 | by ( Clara Denina | ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Glencore Plc (GLEN.L) said on Thursday its takeover bid for Teck Resources Ltd (TECKb.TO) still stands, after the Canadian miner scrapped a restructuring plan that would have ended it. It chief executive, Jonathan Price, repeated on Wednesday his objection to Glencore's bid, saying he would "not engage in something that is a distraction". Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Glencore also said it "remains committed to ensuring that its proposal delivers real benefits to Canada." On Monday, Chrystia Freeland, Canada's deputy prime minister, said Teck should remain headquartered there, providing the clearest indication to date that Ottawa was closely watching the takeover battle.

☆ Canadian dealmakers expect low-carbon shift will drive mining M&A
▼ + stars: | 2023-04-20 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, April 20 (Reuters) - Canadian advisors to mergers and acquisitions (M&A) expect a shift toward low-carbon technologies and government subsidies for them will spur dealmaking in mining for years to come and some are already gearing up for it. Clients are hiring mining people within dealmaking teams, and boutique M&A advisory firms are adding talent, mostly in mining, he said. Canada this year expanded an investment tax credit to equipment needed by mining companies - and any other companies in the EV supply chain - to extract or process critical minerals. For copper and nickel deals, it was the best quarter on record since at least 1990, the data showed. "Mining is one of those sectors where you really want to be prepared for the inevitable market pickup."

☆ Glencore in hot pursuit of Teck with eyes on copper assets
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - Swiss miner Glencore Plc (GLEN.L) said on Wednesday it was willing to raise its bid for Canada's Teck Resources Ltd (TECKb.TO), its latest attempt to bring the Canadian miner on the negotiation table ahead of restructuring. Teck has repeatedly rejected Glencore's offer and instead urged shareholders to vote for the company's own plan to split its coal and copper businesses. Here is the snapshot of key events in the Teck-Glencore saga so far. Reporting by Sourasis Bose in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Red-hot copper riding a new wave of consolidation
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo for Canadian mining company Teck Resources Limited is displayed above their booth at the Prospectors and Developers Association of Canada (PDAC) annual conference in Toronto, Ontario, Canada March 7, 2023. REUTERS/Chris Helgren/File PhotoApril 19 (Reuters) - Glencore Plc (GLEN.L) has offered $22.5 billion for Canadian copper miner Teck Resources Ltd (TECKb.TO), the latest in a wave of deals in the global copper industry amid surging demand and tight supply for the red metal anchoring the green energy transition. "The green energy transition has been a growth driver for many aspects of the metals and mining industry, with demand for key metals such as copper, nickel, lithium and cobalt expected to remain on an upward trajectory and supply to trend downward," S&P Global Commodity Insights analyst Aude Marjolin said in a report. Following are some of the largest copper mining deals since 2022, according to S&P Global Market Intelligence. Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Copper Shortage Threatens Green Transition
▼ + stars: | 2023-04-18 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

In 2021, refined copper demand stood at 25.3 million tons, according to the International Copper Study Group. Mined output globally in 2022 was 21.8 million tons according to the International Copper Study Group, rising only 1 million tons over the previous three years. According to Congo’s Ministry of Mines, copper metal exports totaled 2.3 million metric tons in 2022, up from 1.8 million metric tons in 2021, less than half of Chile’s output. According to analysts it is more of a “when” not an “if” copper demand is likely to surge. Changes in technology should ease some copper demand pressures.

☆ Teck's base metals business attracts offers from Freeport, Vale, Anglo
▼ + stars: | 2023-04-16 | by ( Mrinmay Dey | ) www.reuters.com time to read: +2 min

These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L). Freeport, Vale and Anglo American declined to comment. Teck investors will decide on the Canadian miner's restructuring plan on April 26. Influential proxy advisor Institutional Shareholder Services (ISS) on Thursday advised shareholders to reject Teck's restructuring plan on uncertainties and structural issues. The Globe and Mail first reported interest in Teck's base metals business.

☆ Teck approached by other companies while fending off Glencore offers -Globe and Mail
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +1 min

A vote on Teck's plan to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business is scheduled on April 26. These approaches from international miners come as the Vancouver-based miner is fending off unsolicited bids from Glencore Plc (GLEN.L) that would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. The Swiss mining company has offered Teck shareholders 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal. Two proxy shareholder advisory firms have recommended that Teck Resources shareholders vote against the planned split. On Saturday, Bloomberg News reported that Glass Lewis also asked Teck Resources shareholders to vote against Teck's plan to spin off its coal business.

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

☆ Glass Lewis recommends 'No' vote on Teck's coal business spinoff, Bloomberg reports
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +1 min

April 15 (Reuters) - Advisory firm Glass Lewis said Teck Resources Ltd (TECKb.TO) shareholders should vote against Teck's plan to spin off its coal business, Bloomberg News reported on Saturday. The move follows another influential proxy adviser, Institutional Shareholder Services (ISS), which also advised shareholders to reject Teck's restructuring plan this week. The takeover would involve combining and spinning off the thermal and steelmaking coal businesses of both companies. Teck has rejected the offer and made changes to its own proposed restructuring plan to allow for a potentially shorter path to fully separate the copper and zinc business Teck Metals from the steelmaking coal Elk Valley business. A vote on Teck's own plan is scheduled for April 26.

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

TORONTO, April 10 (Reuters) - Glencore Plc (GLEN.L) Chief Executive Gary Nagle plans to meet with some of Teck Resources Ltd's (TECKb.TO) Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner, according to a source who was invited. Royal Bank of Canada's (RY.TO) RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a Teck shareholder who was invited. RBC has been one of Glencore's bankers in the past. Teck's executives on Monday reinforced their rejection of Glencore's unsolicited $22.5 billion takeover offer. Reporting by Divya Rajagopal in Toronto; Editing by Ernest Scheyder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian miner Teck Resources pushes for restructuring, says Glencore bid 'flawed'
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +1 min

April 10 (Reuters) - Canada's Teck Resources (TECKb.TO) on Monday doubled down on its push to reject an unsolicited $22.5 billion bid from Glencore Plc (GLEN.L) citing "fundamental flaws" in the offer and urged shareholders to instead vote for a restructuring. The Swiss miner's buyout bid, which was made public last week, includes a plan to simultaneously spin off the thermal and steelmaking coal businesses and rebrand the remaining company as GlenTeck. read moreTeck said its board has rejected the offer as Glencore did not present a coherent plan for its proposed coal company, adding that the deal would expose its shareholders to thermal coal, oil, LNG and related sectors. The company once again said more value could be unlocked through a proposed restructuring in which the Vancouver-based miner would spin off its steelmaking coal unit to focus on copper and other industrial metals. Reporting by Mrinalika Roy in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian entrepreneur Lassonde plans to buy blocking stake in Teck's Elk Valley, Globe and Mail reports
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +1 min

April 8 (Reuters) - Canadian entrepreneur Pierre Lassonde is planning to buy a blocking stake in Elk Valley Resources, the steel-making coal unit to be spun off by Teck Resources Ltd (TECKb.TO), the Globe and Mail reported. In an interview with the Canadian newspaper published on Friday, Lassonde expressed his interest in the soon-to-be divested unit of Teck, saying he wanted the company's assets to "remain Canadian." Teck Resources could not be reached immediately for comment. Under terms of a deal offered previously by minority shareholder Nippon Steel, the Elk Valley unit will have an enterprise value of C$11.5 billion. Teck Resources in February said it will receive an 87.5% interest in gross revenue royalty from the steel-making coal business through the transition period.

☆ Unstable markets drag Canadian M&A, debt issuance to four-year low
▼ + stars: | 2023-04-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

The collapse of regional banks Silicon Valley Bank and Signature Bank in the U.S. tightened credit market making funding difficult for deals. As the banking crisis abate and many global central banks move to the sidelines to assess the impact of rapid interest rates hikes, bankers are, however, betting that appetite for dealmaking would return. Canadian M&A volumes totalled $34.7 billion in the first quarter, down 52.3% from a year ago, with dealmaking off to the worst start since the same period in 2020. Some market participants noted the second quarter is already off to a stronger start, with the mining sector gathering momentum. Abeed Ramji, head of Canadian Debt Capital Markets at TD, said the lack of issuance from banks impacted the corporate debt market, adding that global markets had become more expensive for financing.

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