Aabar Investments Invests $1 Bil in Glencore’s IPO
The press release states, “Aabar Investments PJS (“Aabar”) today confirmed an investment of $850 million in Glencore International plc (“Glencore”) as a cornerstone investor with an intention to invest an additional $150 million in the Global Offer. Glencore is one of the world’s leading integrated producers and marketers of commodities. This investment makes Aabar the largest cornerstone investor in the IPO.
His Excellency Khadem Al Qubaisi, Chairman of Aabar: “We are pleased to count ourselves as the largest new shareholder of Glencore post its IPO. Glencore is known for its achievements and value creation in the resources space and we are excited about the potential opportunities between Abu Dhabi and Glencore given Abu Dhabi’s leadership in petrochemicals and hydrocarbons domestically and around the world. The investment is consistent with our policy of investments and strategic partnerships with global market leading businesses and, we are looking forward to a successful partnership with the company”.
The $850 million investment represents the foundation of Aabar’s commitment as the largest cornerstone shareholder in Glencore and the sovereign wealth fund intends to acquire additional shares in the Global Offer to bring its initial investment up to $1 billion in the short term.
“Given Aabar’s focus on value enhancing investments and the great opportunity that global commodities offer we intend to explore in due course areas of co-operation between the two firms. This is an important milestone in Aabar’s development strategy and we are proud to lead this effort.” adds Mohamed AlHusseiny, CEO of Aabar.”
Read more: Aabar Investments Press Release
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