Miner and commodities trader Glencore (LON:GLEN) said Wednesday it would pay shareholders $2.9bn in dividends after achieving what it called its “strongest results on record”, driven by a sharp recovery on commodity markets.
The 2017 results leave Ivan Glasenberg, the head of the Swiss company, well positioned to continue doing what he knows best — deals.
Speaking after the publication of annual results, Glasenberg said the companywas on track to generate around $10 billion of free cash flow this, which could be used to pursue more acquisitions if opportunities arise.
Not surprisingly, Glencore’s shares skyrocketed on the news, gaining almost 4% to trade at 399.3 pence by 9:43 AM London time, the biggest intraday gain since August.
More to come…