Investors push Glencore to scrap spin-off of heavily polluting coal division
by Jillian Ambrose Energy correspondent from on (#6PSS2)
More than 95% of investors urged commodities firm to keep highly profitable fossil fuel arm to help maximise shareholder cash
Glencore has scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.
The FTSE 100 company said that an overwhelming majority of its shareholders favoured retaining the coal business over its plan to list the division as a separate company on the New York stock exchange.
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