Glencore begins buying back up to $1 billion in shares

GENEVA: Glencore said it intends to repurchase up to $1.0 billion of its stock, just days after the mining and commodities giant announced it was the target of a US corruption probe.
The Swiss-based corporation said the buyback programme, being conducted by Citigroup Global Markets Limited, would be implemented in two stages, ending on December 31 this year.
To begin with, shares worth a total of no more than £350 million ($463 million, 396 million euros) will be bought up, starting on Thursday and ending on August 7.
After that, “trading decisions may be undertaken by Citi in accordance with the directions of” Glencore, it said in a statement.
The announcement came days after the company saw its share price crumble on news it is being probed by the United States in a corruption investigation linked to its business in Nigeria, Venezuela and the Democratic Republic of Congo.
The buyback plan was however agreed at the company’s 2018 annual general meeting, before details of the probe emerged.
Following the announcement, the company saw its share price rise 2.35 per cent in morning trading on the London Stock Exchange. — AFP