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
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”
-
FCA reveals 'once in a generation' advice changes - what the reforms mean for you
Consumers to get free access to financial advice type help for pensions and investment following proposed changes from the regulator