Glencore Scraps Final Dividend to Cut Debt
07 Setembro 2015 - 4:40AM
Dow Jones News
LONDON-- Commodities giant Glencore PLC (GLEN. LN) has scrapped
its final dividend and plans to raise up to $2.5 billion through a
stock sale among other measures valued at a combined $7.7 billion
to reduce net debt.
The company said on Monday that the moves aim reduce its net
debt nearer to $20 billion by the end of 2016. This compares with
the previous guidance of reducing net debt to $27 billion by the
end of 2016.
Glencore's move to shore up its finances comes amid growing
investor concern about the heavy impact the slump in commodity
prices is having on the group's finances.
The Baar, Switzerland-based commodities trader and coal and
metals producer said on Monday that 78% of proposed equity issue
would be underwritten by Citigroup Inc and Morgan Stanley.
The company's senior management, including Chief Executive Ivan
Glasenberg and Chief Financial Officer Steve Kalmin, would commit
to take up the remaining 22%.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 07, 2015 03:25 ET (07:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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