Glencore has decided to scrap its plans to separate its coal division. Initially announced after acquiring assets from Teck Resources last year, this move comes after nearly two-thirds of shareholders voiced their opposition.
Last November, Glencore had planned to merge Teck’s steelmaking coal business with its own coal assets and then spin off the combined unit. However, after consulting shareholders, over 95% preferred to keep the coal and carbon steel materials business together, believing it would boost the company’s cash flow.
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