Coal has made Ivan Glasenberg a very wealthy man. It isn’t surprising, therefore, that the billionaire former boss of Glencore is against spinning off the miner’s coal assets.
Thermal coal is not only the most polluting fossil fuel, its prices have soared recently on the back of Chinese power shortages and a European gas squeeze. "Due to its coal business, Glencore is not an investible company for investors who place sustainability at the heart of their investment process," Bluebell said in a Nov. 8 letter to Glencore's top management.
(Bloomberg) -- Activist hedge fund Bluebell Capital Partners has asked Glencore Plc to separate its thermal coal business because it has become a barrier to investment.Most Read from BloombergChina Cash Flowed Through Congo Bank to Former President’s Cronies‘Pension Poachers’ Are Targeting America’s Elderly VeteransReliving the New York Subway Map DebateThe hedge fund firm said that the commodities giant could realize more value for shareholders if it separates that business, simplifies its asse