Glencore CEO buys £10m shares
Ivan Glansberg of newly-public commodities trading giant increases his shareholding
By CFOWorld.co.uk | CFO UK | Published 12:58, 16 September 11
Glencore chief executive Ivan Glansberg bought £10 million worth of shares in his own company, according to a regulatory filing made on Friday.
The Swiss commodities trading giant’s boss has increased his stake in the newly-listed company to just less than 16 percent.
Glencore went public in London in May in what was one of the largest initial public offering ever seen in Europe. Its offer price was 530 pence per share but its stock has been “under water” ever since its debut.
Just before midday on Friday, the stock was trading at 450 pence, 15 percent below the offer price but up 2.9 percent on the day as the mining sector benefited from a broadly higher market.
According to the regulatory filing, Glasenberg bought 2.25 million shares on Thursday at 435 pence each. At current share prices, Glasenberg’s shareholding in the group is worth around £4.9 billion.
He said last month that Glencore’s sheet has never been stronger and that it is well placed to take advantage of uncertainty in global markets. The group posted a net earnings increase of 57 percent for the first half of the year.
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