Aabar achieves milestone with investment.

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Abu Dhabi based Aabar Investments, has confirmed an investment plan of $850 million (Dh.3.1 million) in Glencore International, as a cornerstone investor with an intention to invest an additional $150 million in the global offer.

We are pleased to count ourselves as the largest new shareholder of Glencore post its IPO. Glencore is known for its achievements and value creation in the resources space and we are excited about the potential opputunities between Abu Dhabi and Glencore given Abu Dhabis leadership in petreochemicals and hydrocarbons domestically and around the world. The investment is consistent with our policy of investments and strategic partnerships with global market leading businesses and, we are looking forward to a successful partnership with the company, His Excellency Khadem Al Qubaisi, Chairman of Aabar, said after the deal was confirmed.

According to a separate term sheet seen by Reuters, the International Petroleum Investment Company (IPIC) and Aabar will be the largest cornerstone investor, commiting $850 million to the IPO. Government of Singapore Investment Corp (GIC), already a bondholder, has invested another $400 million into the IPO, making the Singapore fund the second biggest cornerstone investor. The (Glencore) group is raising funds to boost its firepower for deals amid a boom in commodity prices.

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