Glencore chief to keep stock

 
City A.M. Reporter
GLENCORE boss Ivan Glasenberg said yesterday that he would not sell any of his shares in the company as long as he worked there.

“None of us has sold a single share. Neither before nor after the flotation. And I’ve often said that I’m not thinking about selling any shares as long as I work here,” chief executive Glasenberg (pictured right) told Swiss paper 20 Minuten in an interview.

Glasenberg holds the largest single holding of Glencore’s shares, at around 15.8 per cent, according to Thomson Reuters data. He bought more shares in September this year.

The company floated in May at a price of 530p.

South African born Glasenberg became chief executive in 2002 having joined in 1984 working in the coal department in South Africa and Australia. He managed Glencore’s Hong Kong and Beijing offices from 1989 to 1990.

Last week Glencore cancelled a £303m deal to buy a major stake in a Peru copper project from Hong Kong’s CST Mining Group.

Analysts generally approved of the move, seen as prudent in volatile markets. However the company expanded its investment in the PolyMet Mining Corp on Wednesday, buying an additional 13.3m shares of the startup copper mine.

The move showed that the company would still in the market for acquisitions with under the correct conditions.