Glencore primes its Australian DirtyCo for local sharemarket listing
Brokers say Glencore's decision to quietly shift $30 billion in coal mines and other unattractive assets into an Australian subsidiary opens the way for a local listing and a mega-merger with one of the resource giant's rivals.
Glencore's London-listed shares rose 3 per cent after The Australian Financial Review revealed the restructure, which was disclosed in Australian Securities and Investment Commission filings, on Thursday. The share price increase added $1.46 billion to the company's market capitalisation on a day when rivals like Rio Tinto and Anglo American traded largely flat.
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