Glencore ups stake in Optimum further

[] — GLENCORE, the world’s largest commodity trader, said on Wednesday that it had again acquired more shares in South African takeover target Optimum Coal , raising its stake to 24.7% from 23.9%.

Glencore said in a statement that it had bought just over 1.8 million shares for R38 per share.

This is considerably more than the R34 per share that a consortium of Glencore and a company owned by its South African partner, politician-turned-tycoon Cyril Ramaphosa, had publicly offered.

Glencore has been snapping up the company’s shares and said on Tuesday that it had doubled its stake in Optimum.