Glencore says aluminium boss holds $1 bln stake
Saturday, 18 February 2012 | 00:00
Commodities trader Glencore detailed the stakes held by some of its top executives on Thursday, with its head of aluminium emerging as one of the largest individual shareholders with a stake worth just over $1 billion at current prices.
Glencore, which has agreed to take over miner Xstrata in what is set to be the sector's largest deal, detailed the holdings of senior employees who hold shares below the reporting threshold of 3 percent, but above 1 percent, in a series of regulatory filings.
The head of its aluminium division, Gary Fegel, with 2.2 percent of the company and 154.8 million shares, emerged as one of the most significant holders of the stock. Fegel, who took sole charge of the aluminium division last month, has been with Glencore since January 2001.
Glencore, the world's largest diversified commodities trader, detailed its top investors above 3 percent last year, when it ended almost four decades as a private company with a record market debut. Its largest single shareholder is its chief executive, Ivan Glasenberg, who holds almost 16 percent.
Others with significant holdings disclosed on Thursday include Stuart Cutler, who runs the ferrochrome division after the January shake-up, with 1.1 percent.
Steven Blumgart, a former co-head of Glencore's alumina and aluminium division who last month became the first senior executive since the IPO to announce plans to leave, holds 1.25 percent.
Its newly appointed head of iron ore, Christian Wolfensberger, holds just under 1.3 percent.