7th Jul 2025 09:22
(Alliance News) - Glencore PLC on Monday started a buyback programme worth up to USD1 billion, returning funds from an investment return and looking to reduce capital in anticipation of future taxes.
The Baar, Switzerland-based commodity trading and mining company said the programme will be run by Zurich-based bank UBS AG and be completed by the release of its 2025 annual results in February 2026.
Glencore said its intention is "to preserve its capital contribution reserves and mitigate the future effect of Swiss withholding tax charges on distributions and buybacks".
The plan was first announced on Wednesday, when Glencore closed the merger between its former agriculture investment Viterra Ltd and New York-listed Bunge Global SA. The deal generated USD900 million in cash for Glencore, which was received in addition to a 16.4% stake in the enlarged firm.
Glencore plans to update further on the scheme later in July or August, adding that it may amend the structure of buybacks if a favourable alternative is found.
Glencore shares were 1.5% lower at 298.24 pence on Monday morning in London. They were down 0.6% to ZAR72.47 in Johannesburg.
By Holly Munks, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Glencore