That’s right, no mention of Glencore’s biggest shareholder – Qatar Holding LLC
Now, there could be some regulatory reason why their participation in the $2.5bn share placing hasn’t been revealed, although that clearly didn’t apply to the senior management team at Glencore.
But it could also be that Qatar snubbed the cash call or did not buy enough shares to maintain its existing stake of nearly 9 per cent.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
