Market Updates
Glencore to Write-off Kamoto Copper Debt. Sanofi Placed $2 B of Bonds
Sarla Buch
13 Jun, 2018
New York City
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Glencore agreed to write off $5.6 billion of debt to settle the dispute with the Congo controlled Gecamines. Sanofi successfully priced its offering of $2 billion of notes.
[R]4:00 PM Frankfurt – Glencore agreed to write off $5.6 billion of debt to settle the dispute with the Congo controlled Gecamines. Sanofi successfully priced its offering of $2 billion of notes.[/R]
In London trading, FTSE 100 index edged up 4.97 to 7,708.78 and in Frankfurt the DAX index increased 52.31 or 0.4% to 12,895.62.
In Paris, CAC 40 index inched up 2.97 to 5,456.34.
Glencore Plc jumped 3.6% to 397.20 pence after the Switzerland-based commodity trading and miner said it agreed to write off £4.2 billion or $5.6 billion of debt to settle the dispute with the Congo’s state owned mining company Gecamines.
As the debt of Kamoto Copper Co $5.6 billion will be converted to equity to reduce the debt from $9 billion to $3.45 billion.
Kamoto Copper forecasted fiscal 2019 production of 300,000 tons of copper and 34,000 tons of cobalt.
Sanofi SA edged up 0.1% to €66.24 after France-based biopharmaceutical products maker said it had has successfully priced its offering of $2 billion of notes denominated in the U.S. dollars, in 2 tranches maturing in June 2023 and June 2028 respectively.
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