Glencore is thought to be on the verge of a massive rescue deal worth $900 million.
The world’s biggest commodities trader is expected to loan the money to Indonesia’s Bakrie Group. It’ll be used to refinance a $1.3 billion facility, sources said on Thursday.
In return, Glencore will be given the right to sell more coal produced by the mining firm Bumi, which the Bakrie Group reportedly has a 47% stake in.
Shares in Bumi Resources jumped almost 6% on the news.
The deal would tighten Glencore’s grip on coal sales from Indonesia, the world’s largest thermal coal exporter.
Bottom line: Glencore, the world’s biggest commodities trader, is expected to sign a deal within days for a $800 to $900 million loan to Indonesia’s Bakrie Group.