In today’s briefing:
- Glencore (GLEN): Green Light from Canada for $6.9bn Acquisition of EVR. Demerger on the Table.
- PetroTal Corp: Unrestricted Cash Position Increased by >30% During the Last Quarter
Glencore (GLEN): Green Light from Canada for $6.9bn Acquisition of EVR. Demerger on the Table.
- Following the regulatory approval from the Government of Canada, Glencore’s cash acquisition of 77% stake in Teck’s Elk Valley Resources (EVR) is expected to close on 11 July 2024.
- The cash acquisition is forecasted not to cause any passive fund flows based on the deal structure.
- The potential demerger introduces the risk for Glencore approaching the exit threshold of STOXX Europe 50. This is yet undetermined due to the long time horizon.
PetroTal Corp: Unrestricted Cash Position Increased by >30% During the Last Quarter
- 2Q24 production of 18,290 bbl/d was very near our forecasts of 18.5 mbbl/d but marginally below the company target of ~19 mbbl/d.
- A brief river blockade impacted production but production in June was 20,555 bbl/d.
- • Well 19H has achieved production rates of ~8.5 mbbl/d during the initial 7 days of production.
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