Glencore chief vows to hold onto shares

Glencore CEO Ivan Glasenberg says he will not sell any of his shares in the company as long as he works there.

This content was published on December 5, 2011 - 10:11 and agencies

Glasenberg, who is the single largest shareholder of the canton Zug-based commodities trader, made the comment in an interview in the 20 Minuten newspaper on Monday.

Glasenberg is said to hold nearly 16 per cent of company stock. Glencore started trading on the stock market in May, raising nearly SFr9 billion ($9.78 billion).

Last week the Swiss business journal, Bilanz, listed him as one of Switzerland’s richest residents, with his personal wealth estimated at between SFr6-7 billion.  

"None of us has sold a single share. Neither before nor after the flotation. And I've often said that I'm not thinking about selling any shares as long as I work here," Glasenberg told 20 Minuten.  

He bought more shares in September this year.

Glencore was set up by controversial trader Marc Rich in 1974 as Mark Rich & Co.

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