Glencore Keeps Its Powder Dry, But Hints at Bigger Returns
- First-half profit of $8.27 billion misses analyst estimates
- Company cuts debt to $9 billion, below its target range
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Glencore Plc investors looking for bigger shareholder returns after the commodities giant’s record first-half profit may yet get their way.
While the company’s failure to increase its dividend or share buyback leaves the door open for more acquisitions, it emphasized that the focus will remain on cutting debt and returning money to shareholders. As far as potential deals go, Chief Executive Officer Ivan Glasenberg said there’s little out there.