Arab Today, arab today glencore raises 25bn via shares sale
Last Updated : GMT 10:31:12
Arab Today, arab today
Arab Today, arab today

Glencore raises $2.5bn via shares sale

Arab Today, arab today

Arab Today, arab today Glencore raises $2.5bn via shares sale

Swiss mining giant Glencore
London - AFP

Swiss mining giant Glencore, hit by collapsing commodities prices, on Wednesday raised $2.5 billion via a shares sale as part of its vast debt-slashing plan.

London-listed Glencore said in a statement that it had sold new shares worth about £1.6 billion or 2.2 billion euros in order to pay down debt.

The company, which has lost 57 percent of its market value this year, is grappling with tumbling commodity prices as China's economic slowdown weighs on demand and sparks havoc across markets.

The rights issue sent Glencore's share price soaring to the top of the London stock market in early morning deals on Wednesday.

Shares jumped 2.77 percent to 131.60 pence on the FTSE 100 index, which opened 0.69 percent higher.

Glencore had last week revealed the $2.5-billion shares sale as part of broader plans to slash its $30 billion debt pile by about a third.

The company sold the new stock at 125 pence per share, which marked a 2.4-percent discount to the closing price on Tuesday. It offloaded 1.3 billion shares worth up to 9.99 percent of the group.

A slowdown in China, the world's top commodities consumer, has reverberated around the globe, with major producers, including Brazil and Canada, falling into recession.

Concerns over prolonged stalled Chinese growth have slashed iron ore prices by roughly a half, as coal, copper and other commodities have fallen by 20-40 percent.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today glencore raises 25bn via shares sale Arab Today, arab today glencore raises 25bn via shares sale

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today glencore raises 25bn via shares sale Arab Today, arab today glencore raises 25bn via shares sale

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday