Glencore launches $1B share buyback

Commodities trader and miner Glencore said on Tuesday it would repurchase more of its shares worth up to $1 billion, increasing the size of an existing buyback programme that followed a subpoena from US authorities. Glencore said in July it would buy back shares worth up to $1 billion in a programme of purchases running to the end of 2018. It has now extended the programme to the end of February 2019. The Londonlisted miner announced plans to repurchase shares after the US government investigation into bribery and corruption sent the stock down more than 15 per cent since the start 2018.