Glencore to issue new shares, sell assets to cut debt
Mining and commodities group Glencore will issue $2.5 billion in new shares, sell assets to raise about $2 billion and put in place other measures to cut net debt to the low $20 billions by the end of 2016, it said on Monday.
Glencore, which has been hammered by falling metals prices and reported a 29 percent fall in first-half earnings last month, said the capital preservation and debt reduction steps it was taking had a value of up to $10.2 billion. The group said it was already in talks with buyers for certain of its assets.