| Updated:
Glencore loses auction
Japanese trading house Itochu has pipped Glencore in an auction to buy a holding in Drummond’s Colombian coal operations. In a blow to the newly-listed FTSE 100 firm, Itochu successfully bid $1.5bn to beat Glencore’s offer for a 20 per cent stake in the plants and a chance to profit from Asia’s growing demand for thermal coal.