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Glencore is considering ditching its primary listing in the UK in favour of New York or another venue where it can “get the right valuation” in a potential blow to the London Stock Exchange, which has been hit by a string of high profile departures.
Chief executive Gary Nagle said the company was assessing whether other exchanges were “better suited to trade our securities”.
“We want to ensure that our securities are traded on the right exchange, where we can get the right valuation,” he said on a call on Wednesday morning. “If there’s a better one, and those include the likes of the New York stock exchange, we have to consider that.”
A departure by the FTSE 100 company would be a blow to the London Stock Exchange, which has been hit by a series of departures of resources companies that complain of low valuations.
This is a developing story.
