As the mining company searches for ways to reduce its net debt by about £10bn, last year’s £1bn buyback looks badly timed

The curse of the share buyback has struck again. Glencore has become the latest company to spend hundreds of millions of pounds buying back its own shares only to find that it really could have done with the cash after all.

Ivan Glasenberg, the mining giant’s chief executive, launched a $1bn (£654m) buyback last year, claiming he wanted Glencore to avoid having a “lazy” balance sheet. Well, he certainly made sure he has plenty of work to do.

Continue reading…
Source: The Guardian Circular Economy RSS