Glencore-Backed Cobalt Holdings Pulls London Listing Plans

By Adam Whittaker

Glencore-backed Cobalt Holdings scrapped plans for a $230 million listing on the London Stock Exchange.

The company didn't provide a reason for reversing the decision. The Financial Times reported, citing an unnamed source, that the company believed it made most sense to fund the business privately. Cobalt Holdings declined to comment, the FT said.

Cobalt Holdings was expected to list in June.

In May, Cobalt said that Glencore intended to invest around $24.3 million in the company and hold roughly 10% of the listed shares. Anchorage was also slated to invest $23 million and hold roughly 9.5% of the listed stares.

It had also announced a six-year supply contract with Glencore worth up to $1 billion of cobalt.

Write to Adam Whittaker at [e-mail]

(END) Dow Jones Newswires

06-05-25 0201ET