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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE (GLEN)
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Glencore : to cooperate with U.S. corruption investigation

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07/11/2018 | 11:31am CEST
The logo of commodities trader Glencore is pictured in Baar

LONDON (Reuters) - Glencore Plc said on Wednesday it would cooperate with U.S. authorities after they demanded documents about the mining firm's business in Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption investigation.

The company said it had set up a committee of board members, including Chairman Tony Hayward and independent non-executive directors Leonhard Fischer and Patrice Merrin, to oversee its response to the subpoena from the Department of Justice (DoJ).

"The company will cooperate with the DoJ, while continuing to focus on our business and seeking to maximise the value we create for our diverse stakeholders in a responsible and transparent manner," Hayward said.

"Glencore takes ethics and compliance seriously throughout the group," the chairman said.

Switzerland-based Glencore received a subpoena from the DoJ last week requesting documents and records on compliance with the U.S. Foreign Corrupt Practices Act and money-laundering statutes.

The U.S. Foreign Corrupt Practices Act makes it a crime for companies to bribe overseas officials to win business.

The DOJ has so far not commented on the request.

Glencore shares had fallen 4.2 percent to 313.29 pence by 0921 GMT, down 20 percent since the start of 2018 and close to one-year lows. The stock suffered its biggest one-day fall in more than two years after the subpoena announcement last week.

Responding to the share fall, Glencore announced a buy back worth $1 billion (755.12 million pounds) in an effort to soothe investors.

Some analysts say the U.S subpoena could be a result of Glencore settling a mining row in Congo with Israeli billionaire Dan Gertler, under U.S. sanctions since last year, by agreeing to pay royalties in euros.

Congo accounts for about 25 percent of Glencore's net present value, analysts said, adding that Venezuela and Nigeria's contribution was negligible. The firm mines cobalt in Congo, a key metal used to make batteries for electric vehicles.

(Reporting by Arathy S Nair in Bengaluru and Julia Payne in London; Editing by Patrick Graham and Edmund Blair)

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Financials ($)
Sales 2018 233 B
EBIT 2018 10 903 M
Net income 2018 6 946 M
Debt 2018 24 881 M
Yield 2018 4,93%
P/E ratio 2018 8,98
P/E ratio 2019 8,90
EV / Sales 2018 0,37x
EV / Sales 2019 0,35x
Capitalization 61 257 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 5,45 $
Spread / Average Target 26%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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