Top Glencore shareholders favour keeping coal

Glencore’s coal business is one of its most profitable units, driving record returns in recent years. — Bloomberg

ZURICH: Several of Glencore Plc’s largest shareholders say the company should retain its coal assets, according to people familiar with the matter, throwing a proposed spinoff into doubt.

Glencore, the world’s largest shipper of thermal coal with a market capitalisation of about US$73bil, had said it intended to spin the business off within two years of closing a deal to buy the steelmaking coal assets of Teck Resources Ltd.