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Glencore to acquire remaining 17.8% shares of PolyMet for approximately US$73M

Date Closed

November 7, 2023

Lead Office



73.00 Million USD

On July 3, 2023, Glencore AG ("Glencore") entered into a definitive agreement with PolyMet Mining ("PolyMet") to acquire the remaining 17.8% of the issued and outstanding common shares for US$2.11 per share in an all-cash transaction totalling approximately US$73 million.  Glencore currently owns approximately 82.18% of PolyMet.

Glencore is one of the world's largest natural resource companies producing and marketing a large range of metals and minerals.

McCarthy Tétrault LLP advised Glencore with a team led by Adam Taylor and Roger Taplin that included Gerald Gaunt, Jordan Chu (Business), Raj Juneja, Erica Hennessey (Tax) and Dominic Thérien (Competition).