Glencore: An existential crisis
After its IPO in 2011, commodities behemoth Glencore appeared a few years shy of gaining special-observer status at the UN. Today, its stock sits at around a sixth of the price and financial analysts are queuing round the corner to put the boot in. Ollie Gordon assesses whether Glencore’s fall from grace is all as it seems, and what lessons commodity trading houses can learn from the company’s experiences.
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Nicholas Budd, International Trade Finance 18 December 2015
Not a substantive comment exactly, but Marc, wherever he is, must be having a good laugh. He never would have dreamed of taking the company public nor investing in mines or refineries. He was also respectful of the banks and careful to maintain good relationships in times of stress. This philosophy visibly changed after he left.