Australian hedge fund Tribeca asks Glencore to keep coal business, list in Sydney for better valuation.
Australian hedge fund Tribeca Investment Partners has urged Glencore to abandon plans to spin off its coal business and switch its main listing from London to Sydney. In a letter to Glencore's board, Tribeca proposed shifting the listing to Sydney, where it believes Glencore would receive a better valuation, and keeping the coal division. The fund argued that Australian investors are more pragmatic about energy transition than European peers and that retaining the coal assets would attract better valuations.
March 13, 2024
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