Glencore International plans plant takeover
FTSE 100 mining giant Glencore, is refusing to comment on reports that Italy's industry ministry has confirmed Glencore's intention to evaluate the possible industrial and market prospects of an Alcoa Inc. plant in the country.
FTSE 100 mining giant Glencore, is refusing to comment on reports that Italy's industry ministry has confirmed Glencore's intention to evaluate the possible industrial and market prospects of an Alcoa Inc. plant in the country.
According to Reuters, Italy's industry ministry confirmed the company's intentions, saying the country is seeking new investors to fund an aluminium smelter in Sardinia which is currently heading for closure. If the smelter is taken over, it would limit the damage to the island's economy and prevent job cuts.
According to the news agency, Italian government officials and Glencore executives met earlier this month to discuss the prospect of a takeover.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The planned closure is part of a wider previously announced move by the aluminium giant to reduce its global output capacity by 12% in a bid to cut costs.
Coincidentally, Goldman Sachs has today published a report in which it states that optimism on the outlook for aluminium prices is turning increasingly positive. This thanks to better prospects for demand from several key US industrial sectors, such as aerospace, automobiles and construction.
The firm's share price fell 2.24% to 426.1p by 14:01.
NR
-
Buying a property is cheaper than renting again – how much could you save?
News Zoopla research shows it is now 8% cheaper to buy than rent. We reveal the places where you can save more by getting on the property ladder.
By Marc Shoffman Published
-
Is now a good time to invest in India?
Should you invest in India? Its market has stood out of the emerging market pack, helped by a growing pool of domestic investors.
By Cris Sholto Heaton Published