Aabar invests in Glencore flotation
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.
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...
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.
