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Second public letter from Bluebell to Glencore (first: November 8, 2021), triggered by Glencore's unsolicited March 26, 2023 bid for Teck Resources and April 11 revision. Rhetorical craft is strong despite plain format: deploys CEO quote contradiction (Nagle's Dec 2021 Bloomberg and Investor Update remarks on coal rundown used against the proposed CoalCo), before/after framing (Glencore's proposal vs Bluebell's alternative sequencing), SOTP math showing 32% effective premium, and governance attack (Peter Coates AO as non-independent HSEC chair; DoJ/CFTC/SFO/OAG probes). Signed by partners Giuseppe Bivona and Marco Taricco; cc'd to David Platero, PM. Stake size not disclosed in this letter.", "kpisCited": [ { "detail": "4.0x vs diversified peers at 4.8x", "metric": "EV/EBITDA (Glencore ex-coal)" }, { "detail": "USD 7.3bn from using depressed ex-coal currency", "metric": "SOTP value dilution for Glencore shareholders" }, { "detail": "20% based on March 24, 2023 undisturbed prices at 7.78 Glencore shares per Teck B share", "metric": "Nominal premium to Teck" }, { "detail": "32% once Glencore ex-coal's depressed multiple is normalised (USD 1.8bn additional premium)", "metric": "Effective premium to Teck" }, { "detail": "Up to USD 8.2bn to buy 100% of EVR", "metric": "Revised cash element (Elk Valley Resources)" }, { "detail": "USD 26bn (derived as 8.2bn/24% × 76%)", "metric": "Implied Glencore thermal coal value" }, { "detail": "48%, of which 5-7% from synergies and 19% from re-rating", "metric": "Claimed Teck Class B value uplift" }, { "detail": "23.7% in 2022 vs <6% in 2021", "metric": "Glencore AGM dissent on coal strategy" }, { "detail": "~36% of MetalsCo vs 24% in Glencore's proposal", "metric": "Teck's pro-forma stake under Bluebell alternative" } ], "closingAsk": "Separate the thermal coal business to accelerate Glencore's repositioning as a pure-play metals leader, and undertake a strategic review of Glencore's Viterra holding.", "extraction": { "at": "2026-04-22 18:10:55+00", "model": "unknown-legacy", "runId": null, "seconds": 108.00131, "promptVersion": null }, "scqaReward": "Teck's pro-forma MetalsCo stake rises to ~36%, Glencore's 20% thermal-coal valuation discount closes, Teck shareholders avoid thermal-coal exposure, and overall execution risk falls materially.", "thesisTypes": [ "breakup_spinoff", "strategic_pivot", "governance_board" ], "top3Reasons": [ "Glencore's ex-coal business trades at 4.0x EBITDA vs peers' 4.8x — a cheap currency used to acquire Teck", "CoalCo merges Glencore's rundown thermal coal with Teck's premium steelmaking coal, depressing terminal value", "Demerging thermal coal, Oil Marketing and Viterra first would lift Teck's pro-forma MetalsCo stake to ~36%" ], "scqaSituation": "Glencore is a diversified miner and trader whose unsolicited share-exchange bid for Teck Resources aims to create a base-metals leader by combining mining assets and demerging a combined thermal-plus-steelmaking-coal vehicle to shareholders.", "thesisSummary": "Bluebell Capital argues that Glencore's unsolicited share-exchange offer for Teck Resources — proposed March 26 and revised April 11, 2023 — is poorly structured and destroys value by bundling Teck's steelmaking coal with Glencore's thermal coal into a combined 'CoalCo' whose terminal value is depressed by Glencore's stated rundown strategy. Glencore's ex-coal business trades at 4.0x EV/EBITDA versus 4.8x for peers, a USD 7.3bn dilution that pushes the effective premium paid to Teck from the stated 20% to 32%. Bluebell proposes an alternative sequencing: first demerge thermal coal, Oil Marketing and Viterra to Glencore shareholders as a condition precedent, then merge with Teck — raising Teck's pro-forma stake to roughly 36% of MetalsCo, removing thermal-coal exposure and cutting execution risk. The letter censures Glencore's board for ignoring Bluebell's November 2021 recommendations and for persistent governance failures.", "primaryDemands": [ "Spin off Glencore's thermal coal business", "Demerge Oil Marketing and Viterra to Glencore shareholders as a condition precedent to any Teck merger", "Restructure the Glencore-Teck combination: demerge Glencore's coal/oil/Viterra first, then merge with Teck", "Do not appoint a long-standing Glencore executive as CEO of MetalsCo", "Undertake a strategic review of the Viterra holding" ], "scqaResolution": "Demerge thermal coal, Oil Marketing and Viterra to Glencore shareholders as a precondition, then merge with Teck, and appoint a MetalsCo CEO from outside the Glasenberg-era Glencore bench.", "thesisOneLiner": "Glencore's unsolicited Teck bid is structurally flawed; Glencore should first demerge thermal coal, Oil Marketing and Viterra, then merge with Teck to unlock a world-class transition-metals leader.", "precedentsCited": [ "Bluebell's own November 8, 2021 letter to Glencore calling for a thermal coal spin-off", "2022 Glencore AGM: 23.7% shareholder dissent on coal strategy (vs <6% in 2021)" ], "scqaComplication": "The proposed CoalCo bundles Glencore's rundown thermal coal with Teck's premium steelmaking coal while Glencore's depressed ex-coal multiple (4.0x vs peers' 4.8x) makes its shares a cheap acquisition currency, pushing the effective premium on Teck to 32%.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 5, 7 ], "peerCompaniesCited": [ "Teck Resources", "Elk Valley Resources" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison" ], "visualCraftInterest": 1 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is the first page of a formal shareholder letter.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/tozxJT03lr_kizvYkDffBLNh2QU3MnWVuWzSSPdSbKc/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8yM2ZiZmQwMDBkZmEvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 7, "textChars": 930, "nDataPoints": 0, "notes": "This is the first page of a formal shareholder letter.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:56:57.165+00", "seconds": 2.642, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6dd-04e3ee75faa1/1", "deck": "/decks/019dd923-622b-71dc-a6dd-04e3ee75faa1", "deckAnchor": "/decks/019dd923-622b-71dc-a6dd-04e3ee75faa1#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6dd-04e3ee75faa1.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Bluebell Capital Partners Limited (“Bluebell Capital”) are writing to you in relation to our continued investment and/or economic interest in the common equity shares of Glencore Plc (“Glencore” or the “Company”)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-9650-d037bd5e849d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.16, "y": 0.3 }, "kind": "paragraph", "text": "CC: Ms. Sheila A. 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announced that “rundown strategy is the responsible strategy for both our business and for the world” (CEO Gary Nagle, Investor Update, 2nd December, 2021).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "143614a7-21f1-4b42-a5a9-a5730c2dd0be", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "Not only have you failed to prepare adequately, by pursuing meritless arguments to push-back on the spin-off of thermal coal, but subsequently Glencore has proposed an unsolicited business combination which is sub-optimal for both Glencore's and Teck's shareholders, creating unnecessary execution risk for both companies and fails to maximize shareholder value for all parties involved.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a95972e4-163f-4628-a285-1eea59514f37", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.68, "x": 0.16, "y": 0.47 }, "kind": "paragraph", "text": "Barring Glencore being prepared to announce a U-turn on its rundown strategy (in fairness, we never believed it is your genuine intention to phase-out thermal coal), the combination (“CoalCo”) of two business with questionable synergies, one of which in rundown, would be value destructive as the pursuit of such a strategy would be depressing the terminal value of the combined business. This concern would certainly not be addressed by the cash element introduced with your April 11th revised offer to simply buy Teck shareholders out of their coal exposure.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:01.571+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f73aaeff-b92c-4b06-8362-c0dbbbbf57e8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"rundown strategy is the responsible strategy for both our business and for the world\" — CEO Gary Nagle, Investor Update, 2nd December, 2021.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-9651-0826576a5e16", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.68, "x": 0.16, "y": 0.77 }, "kind": "source-note", "text": "3 https://www.teck.com/news/news-releases/2023/teck-board-of-directors-rejects-unsolicited-acquisition-proposal... 4 https://www.teck.com/media/Letter-April4-2023.pdf...", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:58.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c21d093-f96f-40f6-aa40-318baae8d4eb", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.1 }, "kind": "paragraph", "text": "We would never support a business combination of this scale where a long-standing Glencore executive would be designated as the CEO of MetalsCo, least of all if it were any of ‘Mr. Glasenberg’s mini-me’ characters.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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As part of the revised deal, Glencore’s Board of Directors has effectively offered to buy up to 100% of Elk Valley Resources for USD 8.2 bn in cash, then merge it with Glencore’s thermal coal business - which according to Glencore is worth USD 26bn - and then demerge the combined coal business to Glencore’s shareholders: in other words, according to Glencore’s Board of Director, in order to position Glencore as a leading player in future facing commodities, it is first necessary to deploy up to USD 8.2 bn of shareholder’s capital to make a massive acquisition in steelmaking coal prior to demerge the coal business and have it managed by a newly appointed Board - which has never taken the decision to make such a transformational acquisition - led by an unknown CEO yet to be chosen.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:56:58.004+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af4a6a38-72ea-4b42-9a4b-5957f4cc4a7e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.8 }, "kind": "source-note", "text": "8 (USD 8.2 bn /24%) x 76%\n9 (i) the implied enterprise value of Elk Valley Resources (“EVR”) and the Transitional Capital Structure owned by Teck shareholders based on the Nippon Steel investment under the proposed standalone separation into Teck Metals and EVR (the “Proposed Teck Separation”), and (ii) the upper end of the valuation ranges of EVR provided by Origin Merchant Partners, in its fairness opinion to the Special Committee of the Teck Board.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(ii) acting amateurishly, by proposing a poorly structured transaction which stood no chance of success.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b120be1-06da-4664-a959-eb3416266c1d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.68, "x": 0.16, "y": 0.25 }, "kind": "paragraph", "text": "In the end, it is admittedly difficult to propose a deal that satisfies both the shareholders of the target company and those of the buyer and it is equally difficult to propose a deal that will displease them all: Glencore’s Board of directors seems to have succeeded in this remarkable task.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0842e112-525e-4d8a-a3f0-110257b0a204", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.68, "x": 0.16, "y": 0.1 }, "kind": "paragraph", "text": "The revised offer would also not address Teck’s Board of Directors factual observation that “Glencore consistently lags in value creation” (please also refer to our letter dated November 8th, 2021), as Glencore’s offered to buy Teck Metals in shares and more than half of the claimed 48% value uplift offered to Teck Class B shareholders would come from synergies (5-7%) and re-rating (19%).", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c174b887-1f78-40d9-95be-ccda7aeac4e0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.68, "x": 0.16, "y": 0.41 }, "kind": "paragraph", "text": "Bluebell Capital would endorse a business combination intended to create a must-own global base metals company - with a best-in-class portfolio of copper assets, an unrivalled suite of copper growth opportunities as well as being a leading supplier of cobalt, zinc and nickel which is well positioned to meet the demand created by the energy transition - but we censure Glencore’s Board of Directors for:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:57:02.318+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d61423ee-c157-46e6-8c2c-f8549eabd74a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Glencore consistently lags in value creation — Teck Board of Directors", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:53:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3c-76df-9651-ac769909cf7a", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.68, "x": 0.16, "y": 0.83 }, "kind": "source-note", "text": "10 https://www.teck.com/media/Teck-Investor-Presentation-April-10.pdf 11 On top of Bluebell’s clear calls to spin off Thermal Coal, at the 2022 AGM Glencore’s coal strategy was opposed by shareholders representing 23.7% of the company’s capital without the Board of Directors taking any action to address shareholders’ growing dissent from less than 6% at the 2021 AGM", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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