Mining Giant Glencore Looks Beyond London With Secondary ASX Listing

AI Summary

Glencore, a major mining and trading company, plans a secondary listing on the Australian Securities Exchange to diversify its investor base and address undervaluation concerns in the London market. This move reflects miners' broader trend of seeking opportunities outside the UK amidst liquidity challenges.

Glencore will launch a secondary listing in Australia in the latest blow to London’s ailing stock market as miners continue to eye opportunities away from the UK. The mining and trading juggernaut, which is among the largest companies on the FTSE 100 boasting a market cap of £64.4bn, is pursuing the listing following its group’s long-standing complaint that its shares are undervalued and there is too little liquidity in London. Chief executive Gary Nagle said the listing would “broaden our investor base and enhance trading…