European shares rebound, Glencore surges on plans to cut debt
LONDON, Sept 7 (Reuters) - European shares bounced back on Monday after sharp declines in the previous session, with mining and commodities trading firm Glencore leading the market higher after announcing plans to cut its debt.
The pan-European FTSEurofirst 300 index was up 1.1 percent at 0712 GMT after closing 2.5 percent lower on Friday.
Glencore shares surged 10 percent after the company said it will suspend dividends, sell assets and raise $2.5 billion in a new share issue to cut its debt by a third to $20 billion by the end of next year. It has been under pressure to cut debt as prices for its key products, copper and coal, have sunk to more than six-year lows.
(Reporting by Atul Prakash; Editing by Alistair Smout)
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