Glencore share price: where now after Serious Fraud Office opens bribery probe?
The world’s largest commodity trader has seen its shares slide after the UK’s Serious Fraud Office launched an investigation into suspicions of bribery at the company.
Glencore saw its share price fall by more than 10% last week after the UK’s Serious Fraud Office (SFO) announced that it has launched an investigation into suspicions of bribery at the company.
The stock has recovered slightly since then, trading at 220p as of 14:25 GMT on Monday, after hitting a three-year low last week.
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SFO opens investigation into suspicions of Bribery at Glencore
In a statement, the SFO said that ‘it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons’.
The investigation represents another setback for the world’s largest commodity trader, which has already been probed by the US Department of Justice for alleged money laundering and corruption in Nigeria, Venezuela and the Democratic Republic of Congo.
Glencore said that it ‘will cooperate with the SFO investigation’ in a short statement.
Analysts remain optimistic about Glencore’s price trajectory
Based on the six analysts that updated their target price for the stock in December, the median target for Glencore sits at 282.50p a share.
The median estimate represents a potential upside of 28% for the stock.
Credit Suisse is the most upbeat, reiterating its ‘outperform’ rating for the stock and issuing a target price of 310p, which represents a potential upside of 40.9%.
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