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Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) may consider moving its main listing from London to New York, Deutsche Bank analysts predicted on Tuesday, in what would be its highest-profile exit yet from the UK stock exchange.
Glencore Primary (OTCPK:GLCNF) (OTCPK:GLNCY). The listing could come under fire due to a lack of shareholder support for an earlier plan to spin off its profitable coal business and list separately in New York, the bank said.
Mutual fund data shows the US market is providing more support to companies involved in fossil fuels, with many in Europe excluding the sector from their portfolios, while US-listed copper stocks are trading at very high premiums to to British miners, analysts said, according to Bloomberg. .
About 48% of mutual funds in Europe exclude coal, compared with less than 1% in the United States, Deutsche Bank said.
Last month, activist investor Tribeca Investment Partners called on Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) to move its main listing from London to Sydney and abandon plans to spin off its coal business.