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  "documentTitle": "Bluebell Glencore Letter to Board April 2023",
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  "presentationDate": "2023-04-01 00:00:00",
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  "notes": "The slide presents an activist investor's critique of a proposed M&A transaction.",
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      "kind": "disclaimer",
      "text": "5 we estimate that Glencore is trading at a pure industrial ex Coal EV / EBITDA at 4x vs. 4.8x of Glencore’s peers... 6 According to Bluebell analysis... 7 US DoJ, US CFTC, UK SFO, Swiss OAG",
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      "text": "Glencore proposed a combination exchange ratio of 7.78 Glencore shares per Teck B share, which represents a valuation premium of 20%. However, the proposed Transaction represents a very onerous effective premium of 32% on Teck’s undisturbed close price.",
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      "text": "Additionally, the seeming ill health of Glencore’s governance is characterized by the many bribery and corruption investigations, which we view as a clear symptom of a pathological company culture.",
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      "text": "Also, whilst Teck has taken all the necessary preparatory steps to realise the full value of its transition metal business, Glencore’s ex-coal business trades at a significant discount to its peers, with at least a 20% upside yet to be realised.",
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