Glencore Says No to Wall Street in Win for London

Mining giant Glencore shuns Wall Street for now, delivering a rare victory for the shrinking London Stock Exchange.

Editorial Team (ET)August 7, 2025

In a rare and resounding victory for the London Stock Exchange, Glencore has decided to keep its primary listing in the United Kingdom, shutting the door on a highly anticipated move to the United States. The decision provides a significant morale boost to the UK's capital markets, which have been grappling with a drought of IPOs and high-profile exits that have chipped away at London’s global standing.

CEO Gary Nagle confirmed the decision on Wednesday, stating that a transatlantic shift would not deliver added value for shareholders. “A move in our primary listing would not be value accretive for Glencore at this stage,” Nagle said. The company conducted a sweeping review of listing venues around the world, with Wall Street reportedly high on the consideration list earlier this year. But in the end, the numbers didn’t justify the switch.

This announcement arrives at a crucial time for London. Major players like TUI, Just Eat Takeaway.com, and even the mining juggernaut BHP have walked away from the UK market in recent years, chasing higher valuations and more active capital pools elsewhere. The trend has rattled investor confidence and raised uncomfortable questions about the competitiveness of UK financial markets. Glencore’s loyalty, even if temporary, signals a pause in that exodus and could prompt a rethink among other firms eyeing foreign exchanges.

Glencore

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