31st Oct 2022 06:40
(Alliance News) - Tesla Inc engaged in discussions with Glencore PLC about taking a stake in the Swiss-based miner and commodities trader, the Financial Times reported on Monday.
The electric car maker was seeking to secure supplies of battery materials, such as cobalt, lithium and nickel, the FT explained.
Citing "two people familiar with the matter", the newspaper said talks about Tesla buying a 10% to 20% stake in Glencore began last year and continued until this past March, when Glencore Chief Executive Gary Nagle visited Tesla's factory in Fremont, California.
However, no deal was reached, the two people said, partly over Tesla's concern that Glencore's coal mining operations conflicted with its environmental message and partly over reluctance to take a minority stake.
https://www.ft.com/content/9b5b29a3-f2c9-4386-a01a-797aecce9631
Glencore's market capitalisation in London is GBP63.22 billion, while Tesla's in New York is USD716.06 billion.
By Tom Waite; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Glencore