Glencore's weary shareholders might welcome CEO's retirement

  The Guardian 

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Company’s shares are low rated and its legal and regulatory headaches are greater than ever Congratulations if, in the spring of 2011, you took one look at the big £38bn stock flotation of the year and concluded the company was un-investable. Glencore has never traded above its float price of 530p. The Swiss-based mining and trading company stands at 217p after Thursday’s 9% fall, which was prompted by news ofan investigation by the Serious Fraud Office into suspicions of bribery. Broker Jefferies politely called the SFO’s probe “a new overhang on Glencore shares”. The existing overhangs are inquiries by the US Department for Justice and the US Commodity Futures Trading Commission into activities in the Democratic Republic of the Congo, Venezuela and Nigeria. That’s quite a collection of serious regulatory bodies taking a look. Continue reading...
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