Glencore has shifted more than $30 billion in foreign assets into an Australian subsidiary in a huge restructure designed to make it easier to strike a future mega-merger with a rival commodities giant.
Coal mines in Canada, South Africa and Colombia, a copper resource in Argentina and a South African manganese, chrome and vanadium business are among the assets shifted into the local Glencore Investment Pty Ltd.
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Peter Ker covers resource companies for The Australian Financial Review, based in Melbourne. Connect with Peter on Twitter. Email Peter at pker@afr.com