Glencore shares drop after 53m share placing by Deutsche Bank
Shares in commodities titan Glencore fell Wednesday morning on the heels of market chatter regarding a placing of 53 million shares priced at 282.45p.
Deutsche Bank AG
€15.26
18:45 03/05/24
DJ EURO STOXX 50
4,921.48
00:00 04/05/24
FTSE 100
8,213.49
16:59 03/05/24
FTSE 350
4,515.50
16:54 03/05/24
FTSE All-Share
4,469.09
17:14 03/05/24
Glencore
455.00p
16:50 03/05/24
Mining
10,084.30
16:54 03/05/24
Xetra DAX
18,001.60
17:00 03/05/24
Before the market open, traders were made aware of chatter about a Glencore share placing by Deutsche Bank.
According to the chatter, Deutsche Bank on Tuesday started the sale of about 54 million shares, resulting in a drop in Glencore’s Hong Kong listed shares in Wednesday’s Asian session.
That fed through to Wednesday’s European session where Glencore London-listed shares dropped 2% or 6p to trade at 285p.
The shares were reportedly sold to private equity group, First Reserve Corporation, who specialise in leveraged buyouts and growth capital investments in the energy sector. Traders said the price of the share placing at 282.45p was at the low end of the range.