February 13, 2017 / 4:01 PM / a year ago

BRIEF-Glencore says purchases stakes in Mutanda and Katanga

Feb 13 (Reuters) - Glencore Plc:

* Today purchased from subsidiaries of fleurette properties limited, fleurette group’s remaining 31 pct stake in Mutanda mining sarl and an approximate 10.25 pct stake in Katanga mining limited

* Consideration for Mutanda shares is us$922 million and Katanga shares is us$38 million.

* Glencore - glencore will set-off against cash consideration payable to fleurette, loans owing to glencore group by fleurette and its affiliates, and secured over Mutanda shares, amounting to us$556 million of which us$120 million comprises accrued interest

* In addition, glencore has acquired shareholder loans owed to fleurette group by Mutanda mining sarl in amount of us$130 million.

* Accordingly, aggregate cash consideration payable by glencore group in respect of transactions is us$534 million.

* In addition, glencore has acquired a further 15,325,000 shares in Katanga mining limited (“Katanga”), which were held as security for a loan provided to Ruwenzori Limited, a member of Fleurette Group

* Glencore now owns 100 pct of shares in Mutanda and approximately 86.33 pct of shares in Katanga. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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