Qatar Sovereign Wealth Fund Cuts Glencore Stake After Rally
- Former Glencore CEO Glasenberg will become top shareholder
- Glencore shares almost doubled in the past 12 months
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Qatar’s sovereign wealth fund is selling a stake worth as much as 812 million pounds ($1.1 billion) in Glencore Plc, cashing in after strong commodity prices spurred a rally in the stock, and leaving former Chief Executive Officer Ivan Glasenberg as the company’s top investor.
Glencore shares have nearly doubled in the past 12 months as the company reported record earnings, delivered bumper shareholder returns and said it expected long-running corruption probes by U.S., U.K. and Brazilian authorities to be resolved this year. The stock is close to touching its initial-public offering price of 5.30 pounds for the first time since the week of its flotation in 2011.