Nov 16 2012
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Abu Dhabi's Aabar writes down Glencore stake
LONDON, Nov 16 (Reuters) - A top shareholder in Glencore
, 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 , became the largest new shareholder in Glencore when the mining-to-trading giant went public in May 2011, investing $1 billion.
Glencore's shares are trading almost 40 percent below an IPO price of 530 pence, underperforming by more than 10 percent a mining sector that has been hit by worries over cooling demand - despite hopes its marketing arm would help weather stormier times for the commodities markets.
Qatar, which has become the second-largest shareholder in Xstrata, said on Thursday it would vote in favour of the deal.
IPIC said in the same interim financial statement that it had booked a fair value loss of $660 million on its shares in Italian bank UniCredit , though a gain of $51 million on its stake in automaker Daimler .
IPIC said its profit for the six months to the end of June totalled $818 million, down from $1.16 billion a year ago.
(Reporting by Clara Ferreira-Marques; Editing by Jon Hemming)
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Keywords: GLENCORE AABAR/
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