City Of London
Deutsche Bank Says Glencore May Weigh Listing Move to US
- Deutsche Bank analysts say valuation gap favors US listing
- Glencore plans to split off coal business, sell shares in US
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Glencore Plc may consider switching its primary listing from London to New York, analysts at Deutsche Bank AG predicted, in what would be the most high-profile exit from the UK exchange to date.
Liam Fitzpatrick and colleagues said the Baar, Switzerland-headquartered mining and trading firm’s primary listing could come into focus due to a lack of shareholder support for a plan to split off its coal business and list it separately in New York. Glencore began trading on the London Stock Exchange in 2011, in what was the bourse’s largest ever IPO at the time.