Glencore to Buy Back $1 Billion of Stock as Profit Gains
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Glencore Plc’s billionaire Chief Executive Officer Ivan Glasenberg underscored his belief in the longevity of the global commodities boom by beating his biggest rivals in handing out surplus cash to investors.
Glencore, the third-largest miner by market value, today announced a $1 billion share buyback after first-half profit gained 8 percent on higher production. Investors in BHP Billiton Ltd. sent the stock down the most in more than three years in London yesterday after the world’s biggest mining company chose to retain cash because of weaker commodity prices.