Glencore Bestows $23 Billion on Six Men in Payoff Wall Street Can’t Match
GLENCORE HK PRICING
Jerome Favre/Bloomberg
Glencore International Plc brochures arranged for a photograph. The company's initial public stock offering values the stakes held by the company’s top six executives at $23 billion.
Glencore International Plc brochures arranged for a photograph. The company's initial public stock offering values the stakes held by the company’s top six executives at $23 billion. Photographer: Jerome Favre/Bloomberg
Glencore International Plc’s initial public offering values the stakes of the company’s top six executives at $23 billion, surpassing wealth generated by some of Wall Street’s most storied firms.
In contrast to Glencore, a commodities trader based in Baar, Switzerland, the eight senior executives at Goldman Sachs Group Inc. (GS) held stakes worth a combined $1.26 billion at the time of that firm’s IPO in 1999, while Blackstone Group LP (BX)’s top seven executives held $11.9 billion worth of stock after selling shares worth $2.8 billion in their 2007 IPO, according to the New York-based firms’ prospectuses.
Glencore sold 1.14 billion shares, or about 16.4 percent of the company after the IPO, to the public and so-called cornerstone investors including Abu Dhabi’s Aabar Investments PJSC and BlackRock Inc. (BLK) The company has an option to sell an additional 116.9 million shares to meet demand.
Following is a table showing the stock held by Glencore’s top six executives at the IPO price of 530 pence ($8.56) per share. The shares were unchanged after the first day of trading on the London Stock Exchange.
The amounts don’t include the 238.8 million shares sold in the initial public offering by Penwith Limited, a Jersey- incorporated charitable trust incorporated to aggregate the sale of shares held by employees.
Number Value at
Executive Age of shares IPO Price
in Pounds
Ivan Glasenberg
Chief Executive
Officer 54 1,086,881,843 5.76 bln
($9.31 bln)*
Steven Kalmin
Chief Financial
Officer 40 70,676,710 374.6 mln
($605 mln)
Daniel Mate Badenes
Co-Director: Zinc,
Copper, Lead 47 416,354,564 2.21 bln
($3.57 bln)
Aristotelis Mistakidis
Co-Director: Zinc,
Copper, Lead 49 411,766,382 2.18 bln
($3.52 bln)
Tor Peterson**
Director: Coal, Coke 46 366,255,354 1.94 bln
($3.13 bln)
Alex Beard
Director: Oil 43 320,506,122 1.70 bln
($2.75 bln)
*Currency converted at $1.6158 per pound. **Includes 105,548,031 shares held by Cititrust (Switzerland) Limited pursuant to a fiduciary arrangement for Peterson’s benefit.
To contact the reporters on this story: Zijing Wu in London at zwu17@bloomberg.net. Christine Harper in New York at charper@bloomberg.net
To contact the editors responsible for this story: Jeff St.Onge at jstonge@bloomberg.net. David Scheer at dscheer@bloomberg.net.
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