Glencore Plc may consider switching its primary listing from London to New York, analysts at Deutsche Bank AG predicted, in what would be one of the most high-profile exits from the UK exchange to date.
Liam Fitzpatrick and colleagues said the UK copper mining and trading firm’s primary listing could come into focus due to a lack of shareholder support for a plan toMutual-fund data shows the US market is more supportive of companies involved in fossil fuels, with many in Europe excluding the sector from their portfolios, the analysts wrote. Meanwhile, US-listed copper stocks trade at very large premiums to the UK miners, they said. “UK valuations and coal exclusion could lead to a US listing being considered” by Glencore, they wrote, “We hope the UK remains a key hub for mining investments, but if the valuation gap persists, a shift in listing could make sense.”Glencore last year bought a majority stake in Teck Resources Lt