Glencore finds itself caught off balance
by Simon Goodley from on (#M9QS)
Glasenberg faces tricky talks with bankers, plus Britain's long-awaited pay rise, and Andy Haldane prepares to tweet
As any child knows, an apology doesn't count if you cross your fingers behind your back while making it. Last week we saw the City version of this approach, when commodities giant Glencore finally gave in to shareholders and admitted it had got it wrong about its balance sheet. Well, sort of.
The company announced a programme to cut its debts by about $10bn, including raising $2.5bn of extra funds - essentially giving in to demands from investors. Still, chief executive Ivan Glasenberg's statement on this enforced U-turn began with the word "notwithstanding", before going to explain why he was right and shareholders were wrong.
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