Glencore expects to announce next week its decision on whether it would spin off its coal and carbon steel materials business, the mining and commodity trading giant said on Tuesday
. Earlier this month, after receiving the final regulatory approval for the acquisition of Elk Valley Resources EVR, the coal business of Teck Resources, Glencore said that “we will shortly commence a consultation process to assess shareholder views regarding the potential demerger of the combined coal and carbon steel materials business.
In a note from Jefferies cited by The Wall Street Journal, analysts Christopher LaFemina and Patricia Hove wrote “We believe a coal demerger is highly unlikely, and we believe the acquisition… will prove to be a significant positive for Glencore as this is the world’s highest quality metallurgical coal business by a fairly wide margin.
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