Glencore to Divest Lonmin Stake to Shareholders

Bloomberg reported that Glencore plc (LSE:GLEN) plans to distribute its 23.9-percent holding in platinum producer Lonmin plc (LSE:LMI) to its own shareholders.

As quoted in the market news:

Shares of Lonmin, the world’s third-biggest platinum producer, slumped 5.6 percent to 162.8 pence by 1 p.m. in London. Glencore’s stake is worth about $347 million. Glencore was little changed at 271.4 pence.

Glencore’s Ivan Glasenberg said in a statement:

As we do not trade platinum and have no special insight into the market, we believe that it is better to leave to our shareholders the decision as to how to manage the Lonmin shares.

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