Glencore: no imminent bid for ENRC

Commodities giant Glencore today said it is not mulling a bid for peer ENRC.

The announcement follows weaker-than-expected Q1 earnings, on an EBIT basis, of $1.8bn (£1.1bn). In a statement, the group said: "In response to press speculation, Glencore confirms that it is not in active consideration of an offer for ENRC." However, leaving the door open for a possible takeover at some stage, the group added: "Glencore reserves its rights to make an offer in the future with the consent of the Takeover Panel, with the recommendation of the Board of ENRC, in the event of a third party offer for ENRC, or in the event of a material change in circumstances."