3 October 2017
Glencore to acquire voting shares of Volcan Compañia Minera S.A.A.
Glencore has concluded an agreement with certain shareholders (“Selling Shareholders”) of Volcan Compañia Minera S.A.A. (“Volcan”) pursuant to which Glencore has agreed to acquire 26.73% of the total class A common (voting) shares of Volcan at US$1.215 per class A common share for a total consideration of US$531 million.
Glencore has been a shareholder in Volcan since 2004. Glencore currently holds 18.11% of the total class A common shares of Volcan and 0.02% class B common shares reflecting an economic interest in Volcan of 7.68% (taking into account the class B common shares and excluding treasury shares).
In order to implement the acquisition, Glencore intends to make an offer to all of Volcan’s shareholders via a public tender offer or oferta pública de adquisición de acciones subject to the laws and regulations of the Republic of Peru. The offer will be for up to 48.19% of the total class A common shares of Volcan at an offer consideration of US$1.215 per class A common share (“Offer”). The Selling Shareholders have agreed to accept the Offer for all of their shares.
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