Sept 7 (Reuters) - Glencore Plc GLEN.L :
* Plans to reduce net debt and adapt business to current commodity landscape
* Fully committed proposed equity capital raising of up to us$2.5 billion
* Alongside additional capital preservation / debt reduction measures which, taken together, have an aggregate value of up to $10.2 billion
* Also certain other portfolio optimisation and cost reduction actions
* Objective of reducing net debt to low $20s billion by end of 2016
* 78 percent of proposed equity issuance underwritten by Citi and Morgan Stanley (NYSE:MS)
* Commitments from Glencore senior management (including CEO, CFO and several board members) to take up remaining 22 pct of proposed equity issuance
* Decision has been taken to suspend dividend until further notice
* This measure will save about $2.4 billion between now and end of 2016
* Announces its intention to further reduce net working capital by an additional $1.5 billion by end of June 2016,
* Announces a further reduction in expected capital expenditure on industrial assets in 2015 and 2016 by an additional $500 million to $1 billion
* Overall anticipated capital expenditure on industrial assets in 2015 and 2016 is now $10 billion to $10.5 billion.
* Reiterate 2015 FY marketing EBIT guidance of $2.5 billion to $2.6 billion, remain confident of our long-term guidance range of $2.7 billion to $3.7 billion - CEO Source text for Eikon: ID:nRSG2058Ya Further company coverage: GLEN.L