Glencore to stop dividends and sell assets to cut debt

Mining and commodities trading firm Glencore yesterday said it would suspend dividends, sell assets, and raise $2.5bn (€2.24bn) in a new share issue to cut its debt by a third to $20bn by the end of next year.

Formerly a commodities trader, Glencore merged with miner Xstrata in 2013.

It was thought the trading business would cushion the combined company against swings in commodity prices, but last month it reported first-half earnings had slumped 29%.