Friday 16 November 2012

Abu Dhabi's Aabar writes down Glencore stake | Reuters

A top shareholder in Glencore (GLEN.L), Abu Dhabi's Aabar Investments, has written off more $392 million of its $1 billion investment in the commodities trader, less than two years after taking part in its record listing.

Aabar, a unit of Abu Dhabi's state-owned International Petroleum Investment Co INPTV.UL, became the largest new shareholder in Glencore when the mining-to-trading giant went public in May 2011, investing $1 billion.

According to financial statements filed by IPIC on Thursday, Aabar, which owns 1.4 percent of Glencore, has recognized an impairment loss of $392 million. It gave no further details.

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