Aabar invests in Glencore flotation

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Glencore, the world’s largest commodities trader, recently announced a flotation valued at $11 billion.  Now, Aabar (owned by Abu Dhabi’s International Petroleum Investment Company) has revealed that it has decided to become the largest cornerstone investor outside of the company by investing up to $1 billion worth of shares.  A cornerstone investor is given priority in purchasing shares, but must buy a large amount and pledge not to sell them within 6 months.

Aabar’s chief executive officer, Mohamed al Husseiny, says that the two companies will mutually benefit each other: they will “explore in due course areas of co-operation between the two firms”.  After the flotation, Glencore will be valued at around $61 billion.  Newly released data on the company indicates they control as much as 60% of the third-party zinc market, 50% of copper, 45% of lead, 38% of aluminum and 33% of thermal coal, far higher than industry speculation.

 

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Reading Time: 1 minute

Glencore, the world’s largest commodities trader, recently announced a flotation valued at $11 billion.  Now, Aabar (owned by Abu Dhabi’s International Petroleum Investment Company) has revealed that it has decided to become the largest cornerstone investor outside of the company by investing up to $1 billion worth of shares.  A cornerstone investor is given priority in purchasing shares, but must buy a large amount and pledge not to sell them within 6 months.

Reading Time: 1 minute

Glencore, the world’s largest commodities trader, recently announced a flotation valued at $11 billion.  Now, Aabar (owned by Abu Dhabi’s International Petroleum Investment Company) has revealed that it has decided to become the largest cornerstone investor outside of the company by investing up to $1 billion worth of shares.  A cornerstone investor is given priority in purchasing shares, but must buy a large amount and pledge not to sell them within 6 months.

Aabar’s chief executive officer, Mohamed al Husseiny, says that the two companies will mutually benefit each other: they will “explore in due course areas of co-operation between the two firms”.  After the flotation, Glencore will be valued at around $61 billion.  Newly released data on the company indicates they control as much as 60% of the third-party zinc market, 50% of copper, 45% of lead, 38% of aluminum and 33% of thermal coal, far higher than industry speculation.

 

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