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  "documentTitle": "Glencore Plc (GLEN)",
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  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2023-04-12 00:00:00",
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  "notes": "This is a page from a shareholder letter. It uses a narrative structure to frame the board's current actions as a validation of the author's previous demands.",
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      "text": "It is unfortunate that you have wasted one and a half years failing to reposition the Company to take advantage of the long-term growth opportunities in transition metals.",
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      "text": "We are equally delighted to see that Glencore’s Board of Directors have finally dropped its specious argument used against the spinoff of thermal-coal...",
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      "text": "Following the business combination proposed by Glencore to Teck on March 26th, 2023, whose terms have been revised on April 11th, we would like to share with you our observations on the proposed transaction (the “Transaction”).",
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      "text": "We view very favourably, Glencore’s (finally) stated objective to spin-off thermal coal and create an undisputable world class leader in base metals...",
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      "text": "\"the new management of that coal business may want to continue to expand and continue to produce coal long beyond the time frames and horizons that we put out in our commitments\" — Glencore CEO Gary Nagle, Bloomberg, December 3rd, 2021",
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      "text": "1 disclosed to the market on April 3rd, 2023\n2 https://www.glencore.com/media-and-insights/news/glencore-submits-reply-to-teck-and-proposes-modifications-to-offer-cash-in-respect-of-value-of-coal-business",
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