Glencore has announced plans to slash its net debt by more than $10 billion as it adjusts to the slump in commodity prices amid market turmoil in China, the world’s largest commodity trader.
The London-listed commodity trader and miner said it plans to sell about $2.5 billion in new shares, cut its dividend and sell assets worth as much as $2 billion.
Chief executive Ivan Glasenberg said the decision was taken after spending two weeks on the road talking to shareholders and “trying to ascertain what they are feeling”.
He told The Times: “We have spoken to shareholders. This is not something we would do off the cuff.”
Mr Glasenberg added that the measures will “not affect our core business activities and overall franchise