Glencore has ditched a radical plan to spin off its coal business after shareholders objected, in one of the most striking examples of the shift in sentiment towards fossil fuels.
The FTSE 100 company last year set out a plan to list its highly profitable but polluting coal business in New York, a move that chief executive Gary Nagle said at the time would benefit shareholders.
However, on Wednesday Glencore said it would instead keep the business after a planned consultation with investors. The spin-off would have marked the biggest restructuring of Glencore since it bought mining group Xstrata more than a decade ago.
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