Glencore PLC (GLNCY) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Glencore said the terms include Glencore receiving $1.1 billion, as originally agreed in a March deal, but with amended payment terms of $775 million in cash and up to $100 million common equity, besides other payments. Glencore also has the right to appoint one director to MAC's board for each 10% interest it holds in the U.S.-listed special purpose acquisition company (SPAC) from time to time, MAC said in a statement overnight. SPACs are shell companies that raise money in an initial public offering and put it in a trust for the purpose of merging with a private company and taking it public.