Glasenberg adds to stake in Glencore

City A.M. Reporter
GLENCORE boss Ivan Glasenberg has made another show of confidence in the commodity trader, buying almost £13.5m of shares to add to his holding as part of a plan to use his dividend income to buy more shares.

Glasenberg, who announced last week he had bought £10m of shares and would buy more, bought another 3m shares on Friday at 448p each, according to a regulatory filing yesterday.

That puts his stake in the company – the single largest holding – at around 15.8 per cent.

Glencore shares closed down 3.2 per cent at 440p, in line with a sector battered by fresh worries over the outlook for commodities demand.

The shares have traded below the flotation price of 530p since their debut in May.

Glencore said on Friday Glasenberg would use his dividend income to buy up to a total of £34m of shares, up to 21 September.

Meanwhile, Minara Resources, Australia’s second biggest nickel miner, said shareholders should accept an A$268m (£174m) offer from Glencore, which last month bid for the shares it does not already own. Minara is 73 per cent owned by Glencore.

Glencore, which dropped its conditions on the offer last week, said last month it would offer A$0.87 per share, a 36 per cent premium to the undisturbed closing price.


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