Glencore Share Lock-ups End Amid Commodities Markets Gloom
This article is for subscribers only.
Glencore Plc executives who controlled about a third of the commodity trader at its $10 billion initial public offering four years ago can sell their entire holdings from next week as the last of a series of staggered lock-ups roll off.
The final tranche of locked-up employee-owned shares, diluted by Glencore’s $29 billion takeover of Xstrata Plc two years ago, will be released on May 24. The expiry of lock-ups in high-profile IPOs like Goldman Sachs Group Inc. in 1999 and more recently Facebook Inc. has sparked selling that trimmed the share price.