5th Aug 2025 17:12
(Alliance News) - Glencore PLC on Tuesday said its shareholders have endorsed its plan to enter into a contract that will see UBS AG run the mining group's share buyback.
The Baar, Switzerland-based commodity trading and mining company launched its latest repurchase programme worth up to USD1 billion early last month, after it 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.
Since the start of the programme, Glencore has bought back shares for around USD78.8 million, resulting in up to some USD921.2 million of purchases remaining under the programme as at close of dealings on Monday.
Glencore will continue buying back stock for the remainder of this week.
Following the shareholder approval, UBS will commence buying shares from Monday next week on an off-market basis.
Glencore intends to wrap up its USD1 billion buyback by the time of release of its financial results for the 2025 year in February next year.
Shares in Glencore ended 0.9% higher at 301.60 pence on Tuesday afternoon in London. They rose 1.0% to ZAR72.03 in Johannesburg.
By Artwell Dlamini, Alliance News senior reporter South Africa
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