Glencore acquires controlling interest in Optimum
Glencore International, a FTSE 100 mining company, has acquired a controlling interest in Optimum Coal Holding.
Glencore International, a FTSE 100 mining company, has acquired a controlling interest in Optimum Coal Holding.
The miner, which already owned a 31.21% stake, purchased a further 36.56% with its local Black Economic Empowerment partner, Cyril Rapmaphosa.
Glencore and its partner are now required to make a mandatory offer to acquire the shares of all shareholders of Optimum. They will offer the remaining shareholders 38 South African Rand per Optimum share (£3.14).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Tor Peterson, director of the Coal/Coke commodity department, said: "Optimum will add to our coal presence in South Africa and will be highly complimentary to our joint venture Shanduka Coal and our investment in Umcebo. South Africa is an important producer to supply the growing Chinese and Indian markets, so we are delighted to add to our business in the country with our partner Cyril Ramaphosa."
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
‘Inheritance tax insurance’ enquiries are soaring – but is it worth it?
Premiums for whole of life insurance can run to £5,000 a month to cover a £300,000 inheritance tax bill, with policies costing more the older you take them out.
-
MPs warn over Lifetime ISAs which could leave savers out of pocket
The Treasury Committee has highlighted confusion around the Lifetime ISA withdrawal charge, which risks consumers losing “a significant part of their savings”