Glencore sets Oct. 14 date for Australian market debut
It aims to leverage Australia's A$4.4 trillion pension market for copper expansion and acquisitions.
Glencore (LON: GLEN) announced on Thursday that it anticipates commencing trading on the Australian Securities Exchange (ASX) on October 14. The secondary listing is expected to tap Australia's substantial $3.1 trillion pension market to aid the company's copper expansion and potential acquisitions. The announcement, first made in August, adheres to all regulatory prerequisites and will operate under the GLC ticker on the ASX.
The listing will not entail a capital raise or the issuance of new shares. Each Australian-listed CHESS Depositary Interest (CDI), enabling investors to trade shares of a foreign entity locally, will symbolize a single Glencore ordinary share. Computershare Investor Services has been designated by the London-listed miner to oversee its Australian CDI register.
CEO Gary Nagle revealed during the initial listing announcement that there has been considerable investor enthusiasm for an Australian presence, notably following Glencore's unsuccessful merger talks with Rio Tinto (LON: RIO; ASX: RIO) earlier this year. Glencore has over the years explored various listing options, including New York, and considered spinning off its coal business before ultimately abandoning that strategy.
UK and South African shareholders can commence requesting conversions of their ordinary shares into Australian-listed CDIs from September 24, in advance of the planned October trading debut, according to the company.
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