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  "documentTitle": "Glencore Plc (GLEN)",
  "authorId": "23_Bluebell_Capital",
  "authorName": "Giuseppe Bivona and Marco Taricco",
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  "presentationDate": "2023-04-12 00:00:00",
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  "notes": "This slide outlines a specific strategic proposal by Bluebell Capital Partners regarding Glencore and Teck.",
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      "kind": "callout",
      "text": "for Glencore to demerge its thermal coal, Oil Marketing and Viterra businesses to Glencore's shareholders (with Viterra to be subsequently finally exited) as a condition precedent for completion of the business combination.",
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      "kind": "list",
      "text": "a. for Glencore to merge with Teck... b. for Glencore to demerge its thermal coal...",
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      "kind": "list",
      "text": "(i) the compelling rationale... (ii) MetalsCo's ownership structure... (iii) the rationale for creating... (iv) Teck shareholders would not be exposed... (v) the announced plan to operate...",
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      "text": "The result of these activities would be to create MetalsCo, and two separate coal companies, one of them (thermal coal) fully owned by former Glencore shareholders and in run-off, with numerous advantages for both Glencore and Teck shareholders:",
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      "kind": "source-note",
      "text": "12 ~36% based on Bluebell Capital Partners estimates on this alternative structure",
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      "kind": "title",
      "text": "BLUEBELL CAPITAL PARTNERS",
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