Glencore bolsters FTSE with plan for £18bn coal-mining swoop

GLENCORE shares helped to keep the FTSE 100 index in positive territory today as traders took another look at the mining giant’s plan for a huge coal industry merger deal.

- Graeme Evans

The shares recovered 5.35p to 457.85p near the top of London’s risers board, having slid 3% yesterday on surprise plans for an £18 billion swoop on Canada’s Teck Resources.

The proposal by the commodities giant, which would be followed by an immediate demerger of the pair’s combined coal operations, was rejected by New York-listed Teck. Traders are now awaiting the next move by Glencore, but even if the plan falls through the development has highlighted the potential value of the company’s thermal coal assets.