Glencore makes Australian debut, eyes potential ASX 200 inclusion
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Glencore (GLEN) began trading on the Australian Securities Exchange on Wednesday, seeking to broaden its investor base and address its valuation discount to mining peers.
The Swiss-based mining and commodities trading group’s secondary listing gives Australian investors local-market access to its shares without raising new capital.
CEO Gary Nagle expects interest from Australian investors, who are familiar with the mining sector. The listing could also improve liquidity and potentially pave the way for inclusion in the S&P/ASX 200 index.
The debut follows the collapse of merger discussions between Glencore and Rio Tinto in February. Nagle said the Australian listing was not a precursor to another transaction.
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