Glencore jumps into FTSE 100
Wednesday 25 May 2011
Glencore has become the first company in 25 years to be fast-tracked into the FTSE 100 index after official trading in its shares got under way yesterday.
Its chief executive, Ivan Glasenberg, whose personal stake in the commodities giant is worth about £5.7bn, took part in the London Stock Exchange's market opening ceremony to mark the City's largest flotation.
But Glencore shares are still lower than their offer price of 530p after dropping to a low of 506p during conditional trading last week. They recovered to end at 525p yesterday.
Glencore will replace the engineering firm Invensys in the blue-chip index, boosting a resources sector that already accounts for about 15 per cent of the FTSE 100.
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