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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose Energy correspondent

Investors push Glencore to scrap spin-off of heavily polluting coal division

Glencore Coal Gary Nagle United States
An open-cut coalmine
Glencore’s Glendell open-cut coalmine in New South Wales. Glencore had planned to list the fossil fuel arm as a separate company on the NYSE. Photograph: Carly Earl/The Guardian

Glencore has scrapped plans to spin off its coal business after shareholders urged the commodities company to hold on to the highly profitable but heavily polluting division.

The FTSE 100 company said that an overwhelming majority of its shareholders favoured retaining the coal business over its plan to list the division as a separate company on the New York stock exchange.

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