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Glencore to buy back up to US$1B in shares

Glencore PLC said July 5 that will begin a share repurchase program of up to US$1 billion. The program, to be implemented in two stages, will be conducted by Citigroup Global Markets Ltd.

The first stage, comprised of a maximum aggregate of £350 million, is expected to close on Aug. 7. In March, Glencore launched an offering of US$500 million nondilutive cash-settled convertible bonds due 2025.

The Swiss trader's Glencore Ltd. subsidiary recently received a subpoena from the U.S. Department of Justice to produce documents over its business dealings in Nigeria, the Democratic Republic of the Congo and Venezuela, beginning in 2007 to the present.