London — Glencore will buy back as much as $1bn of its shares, a move that may soothe investors’ concerns after the world’s top commodity trader was hit by a US Department of Justice probe earlier this week. The buyback programme will start on Thursday and last until the end of the year, the Swiss miner and trader said. The announcement comes two days after US authorities demanded documents relating to possible corruption and money laundering regarding Glencore’s business in Nigeria, the Democratic Republic of Congo and Venezuela over the past decade. The probe wiped about $5bn off Glencore’s market value on Tuesday, marking the latest twist in a tumultuous year for the company.
It has faced challenges linked to its business in the Congo, where it operates giant copper and cobalt mines. It is also facing the possibility of a bribery investigation by UK prosecutors over its work with Israeli billionaire Dan Gertler, a close friend of Congo President Joseph Kabila, people famili...
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