Glencore to Announce Next Week Whether It Will Spin Off Coal
- CEO Nagle unveiled plans last year to exit the fossil fuel
- Company completed the purchase of Teck coal mines this month
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Glencore Plc will announce whether it plans to spin off its coal business at its results next week, after completing the purchase of Teck Resources Ltd. mines earlier this month.
Coal is one of Glencore’s most profitable divisions, driving record returns in recent years. Yet the company made a major strategic pivot last year, with boss Gary Nagle unveiling a proposal to split off the unit and list it in New York.