Glencore to Distribute $1 Billion in Cash After Completing Asset Sales
01 December 2016 - 7:30PM
Dow Jones News
LONDON--Glencore PLC said it will distribute $1 billion to
shareholders next year after completing a multibillion-dollar
program of asset sales designed to pay down debt with the disposal
of $4.7 billion in transport, agricultural, and mining
businesses.
The Switzerland-based mining and commodities-trading company
said on Thursday that, with the latest asset sales, it has sold
$6.3 billion in assets compared with an original target $1 billion
to $2 billion.
The company is on track for net debt of $16.5 billion to $17.5
billion by the end of this year.
Glencore last year had promised to sell operations to cut
borrowings after a mounting debt pile and sagging commodities
prices sent its shares tumbling.
Glencore said the $1 billion in cash it plans to distribute to
its investors next year would be paid in equal tranches in the
first and then the second half of the year. The company plans a new
dividend distribution policy from 2018.
Write to Razak Musah Baba at Razak.Baba@wsj.com
(END) Dow Jones Newswires
December 01, 2016 03:15 ET (08:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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