Glencore Scraps Plan to Spin Off Its Coal Business

Mining and commodity trading giant Glencore is ditching plans to spin off its coal business as shareholders continue to see value in it and aren’t sure a metals-only Glencore would have seen a higher market valuation. After receiving the final regulatory approval for the acquisition of Elk Valley Resources (EVR), the coal business of Teck Resources, Glencore said last month that “we will shortly commence a consultation process to assess shareholder views regarding the potential demerger of the combined coal and carbon steel materials…