Glencore rises after $1.1 bln Aus copper mine sale deal amended

MAC Copper

23/11/2022 08:54

** Shares of Glencore  GLEN.L  up 4% at 535.9p - top pct
gainer on FTSE 100  .FTSE  index
    ** Co says blank-check firm Metal Acquisition Corp (MAC)
 MTAL.N  agrees to an amended agreement to buy the global
miner's Cobar copper mine in Australia in a deal valued at $1.1
bln
    ** Says the terms include GLEN receiving $1.1 bln, as
originally agreed in a March deal, but with amended payment
terms of $775 mln in cash and up to $100 mln common equity,
besides other payments
    ** Co also has the right to appoint one director to MAC's
board for each 10% interest it holds in the U.S.-listed SPAC
(SPAC) from time to time
    ** MAC said it would need to raise at least $125 mln to fund
the deal's cash component
    ** Deal is expected to close in Q1 2023
    ** Shares up ~46% YTD
 (Reporting by Radhika Anilkumar in Bengaluru)
 ((Radhika.Anilkumar@thomsonreuters.com))