Glencore trims Century Aluminum stake below 30% in $327 million share sale
Glencore plc has trimmed its holding in Century Aluminum, dropping to just under 30% after offloading 6.3 million shares through a block trade, according to a regulatory filing. The unit sold the shares at $51.75 apiece under Rule 144, which governs the resale of sizable holdings in the U.S. Century remains Glencore’s top shareholder after the cut, but the move comes as investors wait for more direction on Glencore’s portfolio following the miner’s short-lived, unsuccessful merger talks with larger rival Rio Tinto earlier this year. “The next step may be to sell off assets individually ... to create a more concentrated copper and trading business,” said Iain Pyle, investment manager at Aberdeen.