Glencore's ASX Listing Could be Precursor to New Rio Tie-up Attempt
Dow Jones09-28
1402 GMT - Glencore is set to benefit from its upcoming listing on the Australian stock exchange on Oct. 14, RBC Capital Markets analyst Ben Davis writes. "The listing is intended to improve Glencore's profile with Australian investors, broaden its shareholder base, improve trading liquidity and enhance corporate financial flexibility," the analyst says. Davis adds the move could also be a precursor to another merger attempt with Rio Tinto after the failed tie-up in February. RBC has an outperform rating on the stock and a 660 pence price target. Shares are down 1.4% at 553.20 pence.
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