Glencore slashes debt as it gears up for acquisitions

London

GLENCORE Plc built a war chest in the first half of the year, continuing to cut debt as the world's largest commodities trading house prepares to ramp up acquisitions.

While profits improved during the first half, Glencore kept its dividend unchanged at US$1 billion for the year and used the extra cash to pay down borrowings. Net debt was US$13.9 billion by June, less than half the level in early 2014.