| NEW YORK/LONDON, March 13
NEW YORK/LONDON, March 13 Glencore has
hired a senior banker from Morgan Stanley, two sources
familiar with the matter told Reuters, as the mining giant looks
at investments and acquisitions again after two years of belt
tightening due to low commodities prices.
The Zug, Switzerland-based company has hired Cyrus
Behbehani, who helped run Morgan Stanley's investment banking
franchise in the Middle East, the sources said.
Behbehani has been working for Glencore since the start of
the year, based in London, they added.
Glencore declined to comment.
Glencore said last month it was well-placed for acquisitions
after reporting an 18 percent rise in full-year profit, buoyed
by a rebound in raw materials prices.
Prior to the crisis, Glencore was one of the most
acquisitive firms in the industry, buying coal and metals miner
Xstrata in 2012.
The commodities price plunge of 2015 prompted the company to
reverse its strategy to focus on divestments instead.
Glencore embarked on a large asset sale spree to cut its $35
billion of debts, a task it has achieved relatively quickly
drawing praise from investors.
Chief executive Ivan Glasenberg said this year the company
was keen to carefully grow via deals, but added he did not see a
big M&A target at the moment.
(Additional reporting by Julia Payne; Editing by Mark Potter)