The FTSE 100 miner Glencore has decided to retain its stock market listing in London, rejecting calls for it to move to the US in a boost for the London Stock Exchange.
The Swiss-headquartered company said that shifting its listing away to a rival bourse such as New York would not present value for its shareholders, after carrying out a formal review of its options.
It reported a net loss of $655m (£492m) in the first half of 2025, almost triple the $233m loss during the same period last year, amid lower coal prices, copper production problems and uncertainty caused by Donald Trump’s stop-start tariffs, including on US mineral imports. In response, the company launched a $1bn cost-cutting programme to try to shore up profits.
Glencore had launched the listing review in February, with the chief executive, Gary Nagle, saying the company needed to “get the right and optimal valuation for our stock”, but on Wednesday he said the company was happy with its London listing.
Many company bosses have argued that having a US primary listing, or a secondary listing known as an American depositary receipt, would offer British companies a higher valuation because there is a larger pool of investors.
However, in a presentation published alongside its half-year results on Wednesday, Glencore said: “Of the major global equity exchanges, the scale and depth of US capital markets is unrivalled, but having considered the costs and benefits … we do not believe that becoming a US domestic issuer or having a sponsored ADR programme would be value-accretive for shareholders at this point in time.”
The company cautioned that the position could change in the future, and it would “continue to monitor market developments and keep this topic under review”.
Glencore was valued at £35.9bn on Tuesday evening, making it the 21st largest of the FTSE 100 companies by market capitalisation. Its loss would have been one of the biggest sustained by the London Stock Exchange.
Ashtead Group, a £21bn industrial equipment rental company, said in December that it planned to shift its primary listing to New York. It followed Flutter, the owner of Paddy Power, which is valued at about £40bn in New York, the travel company Tui, and the food delivery company Just Eat Takeaway in ditching London for other venues.
Retaining its position in London will mean that Glencore will remain as part of the FTSE 100 index, whereas there would be uncertainty over whether it would be eligible for the equivalent S&P 500 index in the US without changing its domicile.
Changing its domicile could have major tax implications, and some major fund investors might have been forced to sell their shares because of limits on where they can invest.
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Glencore said its first-half performance was an “overall solid result, against a macroeconomic environment that was heavily influenced by US tariff policy uncertainty and tensions in the Middle East”.
Nagle described the company’s performance amid the tariffs as positive despite the chaotic implementation from the White House.
“These are not structural arbitrage opportunities, where tariffs are being announced on Monday, changed on Tuesday and scrapped on Wednesday,” he said.
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