Activist Bluebell Asks Glencore to Separate Its Coal Business


(Bloomberg) — Activist hedge fund Bluebell Capital Partners has asked Glencore Plc to separate its thermal coal business because it has become a barrier to investment.

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The hedge fund firm said that the commodities giant could realize more value for shareholders if it separates that business, simplifies its asset base, disposes of non-core asset Viterra, and tackles governance issues. Bluebell’s partners Giuseppe Bivona and Marco Taricco made the demands in a letter to the company, a copy of which was seen by Bloomberg.

Bivona declined to comment beyond the letter. Glencore engages regularly with its investors, the company said in a statement.

“We are confident that our business model is uniquely placed to produce, recycle, and market the materials needed to decarbonise energy whilst reducing our own emissions and delivering value for stakeholders,” Glencore said.

London-based Bluebell, which has shaken boardrooms across…

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