Aabar Investments Intends to Invest a Total of $1.0 Billion in Glencore's IPO and Will be the Largest Cornerstone Investor in the CompanyBy Aabar Investments Pjs, PRNE
Tuesday, May 3, 2011
ABU DHABI, UAE, May 4, 2011 - 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 Al-Husseiny, CEO of Aabar.
Aabar is an investment company headquartered in Abu Dhabi with
investments around the world. It invests in various sectors including
financial services, automotive, real estate, energy, manufacturing &
technology and aerospace, with many of its investments being made by way of
international partnerships and alliances. Its largest stakeholder is the
International Petroleum Investment Company (IPIC), which is wholly owned by
the Government of the Emirate of Abu Dhabi.
Glencore is one of the world's leading integrated producers
and marketers of commodities that industries around the world need. Customers
in industries such as automotive, power generation, steel production and food
processing, rely upon Glencore's established global network of operations as
a source of metals and minerals, energy products and agricultural products.
These commodities either originate from Glencore's owned production assets or
are secured from third parties, and benefit from the refining, processing and
marketing expertise of Glencore. The Group also provides financing, logistics
and other supply chain services to producers and consumers of commodities.
Glencore was founded in 1974. It is currently a privately-held
group owned by its management and employees. Headquartered in Baar,
Switzerland, Glencore employs over 2,700 people in its marketing operations
in 50 offices across 40 countries. In its industrial operations, Glencore
employs over 54,800 people in 30 countries. Glencore has interests in various
publicly listed companies including 34.5% in Xstrata, 44% economic (39%
voting) in Century Aluminum, 70.5% in Minara Resources, 74.4% in Katanga
Mining, 8.8% in UCR, 51.5% in Chemoil Energy and 32.2% in Recylex.
For more information, please contact: Mohamed Badawy Al-Husseiny, Aabar Investments PJS, +971-2-626-4466, info at aabar.com
Tags: Aabar Investments Pjs, Abu dhabi, May 4, Middle East, uae