Blackrock has notified the stock exchange that it now owns more than 5% of commodities trading giant Glencore.
The fund manager dropped its stake in Glencore below 5% in September, the first time it had fallen below 5% since June 2013. Blackrock was a cornerstone investor in Glencore's 2011 IPO with an investment of $360m and grew to become Glencore's third largest shareholder after Qatar Holding and Glencore CEO Ivan Glasenberg, according to data published in June 2014. The fund manager's aggregate investment in the company grew due to several more Blackrock funds piling into the stock. Glencore's share price rose 0.41% to 333p on the news in early morning trading in London.
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