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Activist Bluebell Capital charts plan for Glencore coal spin-off -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Glencore, a commodities trader, is shown in front its headquarters in Baar in Switzerland on November 20, 2012. REUTERS/Arnd Wiegmann/File Photo

(Reuters) – Bluebell Capital Partners, an activist investor has suggested a new structure to Glencore (OTC) which would permit the miner’s thermal coal division to be separated while still maintaining control over the spin-off. A letter was sent Monday.

Bluebell requested Glencore to disintegrate its unit in November. But Glencore Chief Economist Gary Nagle said that no major shareholder was asking for a split.

Bluebell, a London-based lawyer, outlined a plan to allow Glencore to seperate its coal company from A and B shares in a letter dated January 24, 2004.

The most polluting fossil fuel is thermal coal. Other major mining companies like Rio Tinto (NYSE 🙂 and others are also affected by it. Anglo American (LON) has sold off its coal assets and is focusing on greener initiatives.

The prices of thermal coal are now close to record highs, which is due to continued energy shortage fears.

Glencore expects to release its annual results on Tuesday.

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