Saudi billionaire invests $400M in Glencore

Mon, 05/23/2011 - 8:05am
The Associated Press

Saudi billionaire Prince Alwaleed bin Talal and his investment company have invested $400 million into commodities giant Glencore International PLC.

Kingdom Holding Co., which is chaired by Alwaeleed, said Monday that its investment represented 3.6 percent of Glencore's initial public offering. The commodities giant said recently it successfully placed one-sixth of its planned IPO volume to institutional investors.

KHC holds a major stake in Citigroup, as well as investments in a variety of other Western giants, including News Corp. and Apple Inc.

Abu Dhabi-based investment fund Aabar Investments PJS said about two weeks ago it would invest as much as $1 billion in Glencore, which is hoping to raise $10 billion through the IPO.


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