Glencore Abandons Plan to Exit Coal After Investors Say No (2)

Glencore Plc has abandoned plans to spin off its coal unit just nine months after saying it would exit the profitable but polluting business, following discussions with its shareholders who pushed back against the move.

Glencore’s announcement last year that it would split itself in two by hiving off coal marked a major strategic pivot for the company, as well as a watershed moment for the wider mining industry as the biggest shipper of coal — and one of its biggest champions — prepared to follow its rivals in exiting.

Read More: Glencore, an Empire Built on Coal, Prepares to ...