Activist hedge fund Bluebell takes on commodities giant Glencore over coal business

Plans to keep coal till 2050 “morally unacceptable”

London-based activist hedge fund Bluebell Capital Partners has called on mining giant Glencore to separate its thermal coal business as it has become a barrier to investment.

In a letter to Glencore seen by Investment Week, Bluebell's partners Giuseppe Bivona and Marco Taricco said the commodities multinational could realise more value for shareholders if it separates its coal business, simplifies its asset base, disposes of non-core asset Viterra and tackles governance issues. "Due to its coal business, Glencore is not an investible company for investors who place sustainability at the heart of their investment process," Bluebell's partners wrote in the letter dated 8 November. "A clear separation between carbonised and de-carbonised assets is needed to i...