The Globe and Mail reports in its Thursday edition that British activist investment firm Bluebell Capital Partners is calling for the ouster of Glencore PLC chief executive officer Gary Nagle, accusing him of mismanaging the company's pursuit of Teck Resources and selling its stake in Canadian grain handler Viterra at too low of a price.
The Globe's Niall McGee writes that Swiss-based commodities trading and mining giant Glencore in April proposed a $22.5-billion (U.S.) acquisition of Teck, but after its advances were spurned, the company entered into talks to buy only Teck's coal assets, and not its large portfolio of metals mines.
Bluebell objects to Glencore taking on more coal assets. The mining and the burning of thermal coal from Glencore's portfolio of 26 thermal coal mines in Australia, Colombia and South Africa are a major contributor to global warming. "The proposed acquisition of Teck's steel coal and the announced terms for the disposal of Viterra are value destructive for Glencore's shareholders," Giuseppe Bivona, Bluebell Capital Partners co-chief investment officer, wrote in a release on Tuesday.
"Mr. Nagle, obviously, has to go." London-based Bluebell owns shares in both Glencore and Teck.
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