Glencore denies bid for rival firm ENRC

COMMODITIES trader Glencore yesterday dismissed suggestions that it was about to make a takeover bid for rival ENRC as it missed forecasts despite posting a dramatic 45 per cent jump in first-quarter profits.

Chief executive Ivan Glasenberg said: "Glencore monitors a wide range of opportunities in the sector and will continue to do so. However, we can confirm that, although we talk to a lot of people in the sector, we are not actively considering a bid for ENRC."

Shares closed down 4.5 per cent or 23.4p yesterday at 500p, having jumped almost 8 per cent on Monday on bid talk.