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BHP needs to offer at least a 40% premium over Anglo's share price for a new takeover bid, but its CEO has committed to spending discipline.
Glencore Plc’s Alexander George, who traded US crude oil for the firm, is exiting the company after seven years, according to people with knowledge of the situation.
George, who started working at the Baar, Switzerland-based company in 2017 as a market risk manager, became a crude trader two years later working out of the company’s New York city office, according to his LinkedIn profile. He had been based in Houston recently, said the people who asked not to be named because the information is private.
Glencore declined to comment. George didn’t respond to a LinkedIn message seeking comment.
Over roughly the last 12 months, Glencore’s head of crude trading in the US and at least two other traders have departed. In 2024, Glencore and other commodity merchants have seen a drop in earnings from trading as volatility began to fade and markets normalized after two years of wild swings.
Glencore this week announced it had abandoned plans to spin off its coal unit alongside its first-half financial results, which included core earnings of $6.34 billion, down 33% from a year earlier. Its sprawling commodity trading business also reported a sharp drop in earnings.
(By Lucia Kassai and Devika Krishna Kumar)
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