Rio Tinto and Glencore spoke for months about deal that was once taboo
The news of Glencore and Rio’s discussions “has turned up the temperature on an already simmering M&A environment,” RBC Capital Markets analyst says.
Sandvik AB is announcing more job cuts due to restructuring.
The Swedish engineering firm said in November it was laying off 500 Sandvik employees worldwide including 365 in Sandviken and Hallstahammar, Sweden.
Today’s global workforce reduction of 400 employees includes the November layoffs, which the company said were the result of the separation of the business area and the relocation of head offices. As part of the changes, Sandvik’s presence in Algeria will be eliminated and sales conducted through distributors.
The cuts are expected to save Sandvik SEK500 million.
