Bloomberg News

Glencore Says Aluminum Director Fegel Owns $1 Billion Stake

February 17, 2012

(Updates with Glencore shares in fourth paragraph.)

Feb. 16 (Bloomberg) -- Glencore International AG, the commodities trader seeking to buy Xstrata Plc for $37 billion, said the director of its aluminum and alumina unit Gary Fegel owns shares worth about 660 million pounds ($1 billion).

Glencore detailed the holdings of all shareholders who own between 1 percent and 3 percent for the first time today in filings to the London Stock Exchange. Fegel joined in January 2001 and was 37 when Glencore published its initial public offering prospectus last May. He owns 154.8 million shares, or 2.24 percent, the company said.

Glencore ended more than three decades operating as a closely held firm last year by selling $10 billion of stock in the IPO. Chief Executive Officer Ivan Glasenberg, 55, is the biggest shareholder with 15.8 percent of the company, worth about $7.2 billion at current prices. Glencore’s directors are subject to a lock-up of a year from the IPO, preventing them from selling any shares.

The stock advanced 1.1 percent to close at 426.6 pence in London trading today, valuing the company at 29.5 billion pounds. It sold shares in the IPO at 530 pence apiece.

Stuart Cutler, director of the ferrochrome unit who’s worked for the company since 1995, owns 1.13 percent, worth 334 million pounds at today’s closing price. Christopher Mahoney, director of agricultural products, holds 2.08 percent, or 614 million pounds.

Blumgart, Wolfensberger

Steven Blumgart, a former co-director of aluminum who is departing later this year, has 1.25 percent, Christian Wolfensberger, director of the iron ore unit, holds 1.26 percent, the filings show.

Nikola Popovic, chairman of the management board of Kazzinc and who has worked for Glencore for more than 20 years, and Luis Alvarez, in Glencore’s oil division, own 1.35 percent and 1.18 percent respectively, according to the filings.

Last week Baar, Switzerland-based Glencore offered to buy the shares of Xstrata it doesn’t own. The trader wants to combine with 34 percent-held Xstrata’s coal and copper mines to create a business with $209 billion in sales, the companies said Feb. 7.

The takeover would be the biggest-ever mining deal if completed and form a commodities supplier to challenge BHP Billiton Ltd., Vale SA and Rio Tinto Group as the world’s fourth-largest mining company.

--Editors: John Viljoen, Alex Devine

To contact the reporter on this story: Jesse Riseborough in London at

To contact the editor responsible for this story: John Viljoen at

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