Glencore in Freefall as Analysts See Tougher Restructuring
- Shares of FTSE 100's worst performer plunged a record 29%
- More substantial restructuring needed, Investec warns
Glencore Takes the Brunt of Global Commodities Rout
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Glencore Plc plunged 29 percent, extending a rout that’s wiped more than $14 billion off its value this month and highlighting investor concerns that the commodity trader and miner isn’t cutting its debt load quick enough.
Chief Executive Officer Ivan Glasenberg’s debt-reduction plan announced three weeks ago has failed to stanch the bleeding and Investec Plc warned Monday that there was little value for shareholders should low raw-material prices persist. Traders were seeking upfront payments to insure Glencore’s debt for the first time since 2009.