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.
Activist investor Bluebell Capital Partners issued a letter to the Glencore board on Wednesday asking them to remove chief executive Gary Nagle and commence the search for a new external CEO.
Bluebell, which has not disclosed the size of its shareholding, started an activist campaign at Glencore in 2021, urging it to separate its thermal coal business and sell its agricultural business Viterra.
During this year’s annual general meeting of Glencore, 99 percent of shareholders voted to re elect Nagle as the CEO.
(By Mrinalika Roy and Divya Rajagopal; Editing by Krishna Chandra Eluri)
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