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Tribeca Investment asks Glencore to move main listing to Sydney, FT reports
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Tribeca Investment asks Glencore to move main listing to Sydney, FT reports
Mar 13, 2024 10:17 AM

March 13 (Reuters) - Activist investor Tribeca

Investment Partners has called on Glencore ( GLCNF ) 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, an Australian hedge fund, wrote to Glencore's ( GLCNF ) board

this week with a list of proposals to boost the share price,

which it said had lagged behind rivals since the Swiss commodity

giant's public offering in 2011, according to the report, which

cited a letter seen by the FT.

The hedge fund also recommended increasing dividends by

discontinuing share buybacks and divesting a minority stake in

Glencore's ( GLCNF ) lucrative trading division via an initial public

offering, the FT said.

Glencore ( GLCNF ) did not immediately respond to a Reuters request

for comment.

Last year, a Glencore ( GLCNF )-led consortium sealed one of the

mining sector's biggest deals in years, agreeing to buy Canadian

miner Teck Resources' ( TECK ) steelmaking coal unit for $9

billion.

The deal had paved the way for an eventual spin-off of the

commodity giant's own coal business, highlighting its belief in

coking coal's use as the green energy transition moves ahead.

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