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March 31, 2022

Glencore to continue existing Russia contracts but halts new deals

Glencore said there is ‘no realistic way’ to exit stakes in Russian assets, given the present environment.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
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Commodity firm Glencore said it would not make new deals in Russia, citing its military attack on Ukraine, unless directed by relevant government authorities.

The decision follows the completion of a review of Russian business activities amid the Ukraine crisis.

Earlier this month, the company said it was reviewing its assets in Russia, including its equity stake in Russian aluminium and hydropower group En+ Group International and Rosneft.

It was also reviewing wider trading operations in the country.

The Anglo-Swiss commodity firm said there is ‘no realistic way’ to exit stakes in Russian assets, given the present environment.

In a press statement, Glencore said: “Glencore will continue to honour its legal obligations under pre-existing contracts, subject to meeting all applicable sanctions in accordance with our Sanctions Policy and where it is feasible and safe to perform these contracts.”

Glencore holds a 0.57% direct equity stake in Rosneft. The commodity firm also owns a 10.55% interest in EN+, which, in turn, has a majority stake in Russian aluminium producer Rusal.

En+ Group has an annual production capacity of 3.9 million metric tonnes (Mmt) of aluminium and employs nearly 90,000 people.

Recently, Glencore signed a deal to sell CSA copper mine in New South Wales, Australia, to Metals Acquisition (MAC), with an aim to simplify its global portfolio and prioritise lower-cost, long-life assets.

Under the agreement, Glencore will get $1.05bn in cash, a $50m equity stake in MAC, and a 1.5% net smelter return life of mine royalty.

Related Companies

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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