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In July 2011, financial media reported that Glencore International, plc, a large, Swiss-based multinational producer of metals, energy, and agricultural commodities, had decided to stop reporting quarterly financial results from the second quarter of 2011. Glencore's first-quarter 2011 sales and earnings were sharply higher than they were for the same quarter of the previous year, but it appeared that earnings for the first quarter still fell short of market expectations.
Required
Outline two possible reasons why Glencore reduced its information production in this manner.
How do you predict that the stock market will react to this decision by Glencore? Explain.
The covenants in Glencore's debt contract required the company to report quarterly. To overcome the rigidity inherent in debt contracts, Glencore offered to make a cash payment to consenting bondholders of 0.25% of their holdings, up to a maximum of $2.4 million, if they agreed to drop the covenant. If you were a Glencore bondholder, would you accept Glencore's offer or not? Explain your reasons.
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