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.