In what could be viewed as a victory for shareholders, Glencore has announced today that it is beginning a $10.2 billion debt reduction program, after shareholders expressed concern about the company’s rising, and seemingly unsustainable debt level. [buffett] As part of the $10.2 billion debt reduction plan, Glencore is conducting a $2.5 billion equity raising, cutting its dividend, which will save $2.4 billion by the end of 2016, reducing inventory levels by $1.5 billion and selling off a number of assets to make up the balance. Glencore is expected to raise a total of $2 billion from asset sales including minority…
Glencore Plc's Giant Cash Call Piles The Pressure On Peers
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