LONDON (Reuters) - Ivan Glasenberg, chief executive of commodity trader Glencore (GLEN.L), has bought 10 million pounds ($15.8 million) of shares in the group and said he would seek to buy more over coming days to add to his stake of almost 16 percent.
The company said Glasenberg, its largest single shareholder, would seek to continue buying shares up to and including September 21 and up to a total of $54 million, the value of dividends due at the end of the month in respect of his stake.
News of the purchase boosted Glencore’s shares even as the broader sector pared earlier gains. At 1450 GMT on Friday, Glencore stock was trading at 449 pence, 15 percent below the offer price but up 2.7 percent on the day.
Shares in Glencore, the world’s largest diversified commodities trader, have been “under water” -- below the offer price of 530 pence -- since its record market debut in May.
According to a regulatory filing, Glasenberg bought 2.25 million shares on Thursday at 435 pence each.
At current share prices, Glasenberg’s shareholding in the group is worth around 4.9 billion pounds.
($1 = 0.633 British Pounds)
Reporting by Clara Ferreira-Marques; Editing by David Hulmes