Glencore ex-CEO Glasenberg buys shares for first time since 2015
Glencore’s former chief executive officer and largest shareholder Ivan Glasenberg added to his stake for the first time in a decade after a share-price rout triggered by Donald Trump’s sweeping tariffs.
Glasenberg’s shareholding in the miner and commodity trader rose to 1.219-billion shares — worth $3.7-billion at current prices — according to a regulatory filing. That represents an increase of about 7.4-million shares from the level detailed in Glencore’s annual report last month.
Disclosure was necessary because his stake rose above 10% of the outstanding stock. While Glasenberg isn’t obliged to file such reports whenever he buys or sells shares, the company does disclose his stake in its financial data — showing that he’d held the same amount of stock since 2015.
That year was one of the toughest in Glencore’s history, when a commodity downturn and a crisis of confidence forced it to issue $2.5-billion of new equity in the face of a slumping share price. At the time, Glasenberg paid about $210-million to buy stock in order to maintain his percentage shareholding.
Commodity markets tumbled after Trump announced global tariffs last Wednesday. Glencore was one of the hardest-hit large mining companies, its shares closing Monday at the lowest in more than four years.
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