Glencore to Divest Platinum Miner Lonmin Stake to Shareholders
(Bloomberg) — Glencore Plc, the mining and commodities trading company headed by billionaire Ivan Glasenberg, said it’s planning to divest its 23.9 percent holding in platinum producer Lonmin Plc to its own shareholders.
“As we do not trade platinum and have no special insight into the market, we believe that it is better to leave to our shareholders the decision as to how to manage the Lonmin shares,” Glasenberg said in a statement Wednesday.
The stake is worth about $366 million, according to data compiled by Bloomberg.
The Swiss trader plans to complete the divestment of its Lonmin stake, acquired in the 2013 takeover of Xstrata Plc, in the first half of this year. It’s estimated to be worth 3 cents per Glencore share and the decision to divest won’t affect the company’s “approach towards its annual cash distribution consideration,” it said.
To contact the reporter on this story: Jesse Riseborough in London at jriseborough@bloomberg.net To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Ana Monteiro, John Bowker
