Glencore Launches $1 Billion Buyback as Viterra Deal Closes

Glencore Plc plans to buy back up to $1 billion of its shares following the completion of the sale of its agricultural business to Bunge Ltd.

The deal to sell the Viterra unit closed on Wednesday, with Glencore receiving shares representing a 16.4% stake in Bunge, and about $900 million in cash. The ‘surplus capital’ from Bunge shares will underpin its buyback program, Glencore said.