Glencore plc (GLEN.L), a commodity trading and mining company, on Monday announced that it has launched a share buyback program worth up to $1 billion. The buyback is expected to be completed by the time of fiscal 2025 results announcement in February 2026.
The buyback will be carried out under the authority given by shareholders at the 2025 AGM, allowing the company to repurchase up to 1.81 billion shares. So far, 41.12 million shares have already been purchased.
The buyback program aims to reduce the company's share capital, and the repurchased shares are expected to be held in treasury.
Glencore has appointed UBS AG, London Branch, to carry out the buyback program. The bank will make trading decisions based on the company's instructions. If the company is unable to provide guidance, UBS will have the authority to make independent decisions on share purchases.
Further, as outlined in its April 2025 AGM notice, the company is exploring alternative buyback structures to preserve its capital contribution reserves and reduce the impact of Swiss withholding tax on distributions and buybacks.
An update is expected later this month or next. If a suitable structure is finalized and approved, the company plans to adjust the remaining part of the current buyback program to follow the new structure.
On Friday, Glencore closed trading 1.09% lesser at 302.85 pence on the London Stock Exchange.
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