Glencore explores potential exit from UK stock market listing.

Glencore Weighs UK Exit for Better Valuation

Commodities trader Glencore is considering abandoning its primary UK listing in favour of New York or another exchange where it believes it can achieve a “fairer valuation.”

Such a move would mark another significant setback for the London Stock Exchange, which has already seen several high-profile departures.

Chief Executive Gary Nagle confirmed the company is evaluating whether alternative exchanges might be “better suited to trade our securities.” Speaking to journalists, he said:

“Ultimately, what we want to ensure is that our securities are traded on the right exchange where we can get the right and optimal valuation for our stock. There have been questions raised previously around whether London is the right exchange.

If there’s a better one, and those include the likes of the New York stock exchange, we have to consider that.”

London Stock Exchange Faces Record Departures

In 2024, the London Stock Exchange experienced its largest wave of departures since the 2009 financial crisis. According to its own data, 88 companies either delisted or moved their primary listing from London’s main market, while only 18 new firms joined.

Among those leaving was Ashtead, the £27bn construction rental giant, which announced plans in December to shift its primary listing to New York.

Other major companies, including takeaway giant Just Eat, Paddy Power owner Flutter, and Europe’s largest travel operator TUI, have also signaled intentions to relocate their primary listings to rival financial hubs such as New York and Frankfurt.

London has also missed out on high-profile IPOs, including UK chip designer Arm, which opted for a Wall Street listing in August 2023. Buy-now-pay-later firm Klarna is following the same path.