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Financial News: GLENCORE: Company To Acquire 26.73% Of Shares In

GLENCORE: Company To Acquire 26.73% Of Shares In Peruvian Volcan

10/03/2017 - 20:12:00 (RTTNews)

(RTTNews) - Anglo-Swiss mining giant Glencore cut a deal with the Peruvian miner Volcán Compañía Minera SAA (Volcan) to acquire 26.73% of Volcan's class A common stock at US$ 1.215 each. The total amount would reach between US$ 531 million and US$ 956 million.

Glencore intends to make an offer to all Volcan shareholders through a public tender offer under the Peruvian legislation requirements. According to the miner, the transaction would improve Glencore's zinc production profile.

The amount would be paid in cash. The transaction would be funded by Glencore with existing cash resources. The offer will be for up to 48.19% of Volcan's total class A common stock, according to a statement released by Glencore.

Following the closing of the offer, depending on the level of acceptances, Glencore would amass between 44.84% and 66.30% of the total class A common shares. As a result, its economic stake in Volcan would rise to between 18.98% and 28.07% (taking into account ordinary class shares B and excluding own shares).

Glencore has been a Volcan's shareholder since 2004. Currently, it owns 18.11% of Volcan's class A common stock and 0.02% in Class B common stock, leading to an economic stake of 7.68%.

Glencore expects to make the offer to Volcan shareholders no later than October 27. The offer is expected to be completed between November and December.

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