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Glencore is studying whether to move primary listing from London

20th February 2025

By: Bloomberg

  

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Glencore said the optimal location for its primary listing “remains under study,” fueling speculation about what would be the most high-profile exit from the UK exchange to date.

Glencore began trading on the London Stock Exchange in 2011, in what was the bourse’s largest ever IPO at the time. The company said in a presentation on Wednesday that it was studying the best location for its primary listing.

After buying a majority stake in Teck Resources’s coal business in 2023, Glencore floated the idea of putting the combined coal operations into a new company listed on the New York Stock Exchange. Mutual-fund data shows the US market is more supportive of companies involved in fossil fuels.

In 2022, rival miner BHP Group switched its main listing to Sydney, ending a dual arrangement with London. Most of the trading in BHP shares was already done in Australia.

Edited by Bloomberg

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