The major has agreed to buy 27% of the voting A shares for US$1.21 per share for a total of $531 million in cash and representing a premium of more than 40%. The deal would increase Glencore's stake in the A shares to 44.8%, though the ‘economic stake' is just 19%. Another offer for further voting shares at around the same price looks likely to go through and would give Glencore control of two-thirds of the company (economic interest: 28%).
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