Glencore takes Atlas Iron stake
Glencore PLC has become a substantial holder of shares in embattled Atlas Iron, according to a regulatory filing.
- Rhiannon Hoyle
- The Australian
- May 9, 2016 12:11PM
According to the filing, Glencore-controlled Maru Sky now has an 8.5 per cent stake in the company, which has been struggling to stay afloat amid a sharp downturn in world iron-ore markets.
The news follows recent speculation that Glencore may be interested in aquiring the local assets of Peabody Energy, which Peabody has hosed down.
Atlas Iron last month secured shareholder support for a crucial debt restructure which it said would enable it to stave off the threat of voluntary administration.
The Pilbara miner plans to reduce its total loan debt from $US267 million to $US135m by April 2021.
Wall Street Journal with John Conroy
Glencore
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