[miningmx.com] – GLENCORE chairman, Tony Hayward, has bought 100,000 shares in Glencore for 91 pence per share in a show of faith in the firm after its value crashed 30% on September 28.
Shares in the firm recovered further today, up 15% following an 8% improvement on September 29. Glencore said today that it was strong enough to withstand a prolonged decline in commodity prices and that it would reduce net debt to $20bn from $30bn.
Hayward last bought 13,000 shares at 125p alongside Glencore’s executives when Glencore carried out its quick $2.5bn equity raise earlier this month, said the Financial Times. He now holds almost 245,000 shares.
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