Deals
Glencore Rallies Most Ever as Analysts Say It’s Not Like Lehman
- Stock soared as much as 72 percent in Hong Kong trading
- Agriculture business could be worth $10 billion: Bernstein
Glencore’s Wild Ride Extends Amid Unit Sale Talks
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Glencore Plc shares advanced the most ever and the cost to insure its debt against default dropped as analysts at Sanford C. Bernstein & Co. said concerns around the company’s solvency are unjustified.
The stock rose a record 21 percent to close at 115 pence in London, exceeding the level before the selloff on Sept. 28. The bonds rose and five-year credit-default swaps dropped 50 basis points to 651 basis points, according to data from S&P Capital IQ’s CMA. In Hong Kong, the stock soared as much as 72 percent. The company released a statement saying it wasn’t aware of any reasons for the move.