Commodities trading and mining giant Glencore has bowed to shareholder calls to fortify the group against the slump in raw-materials prices. It plans to cut its debt by $10.2bn, a third of the total, by selling assets and raising $2.5bn of new equity. It is also suspending dividend payments and halting operations at two African mines. The company, led by CEO Ivan Glasenberg, had proposed a much more modest debt reduction plan last month, after it reported a 56% fall in profits at its half-year results. The shares have fallen by around 50% this year.
What the commentators said
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