Century Aluminium Corporation’s shares tumbled sharply after reports emerged that Glencore, its key investor, sold a majority of its holdings in a large block trade. Reportedly, Glencore offloaded its 9 million shares of Century Aluminium at USD 30.65 each, generating gross proceeds of approximately USD 275.9 million.
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The shares were priced at the lower end of the USD30.65-USD31.65 range set for the offering and represented a 5.1 per cent discount to Century Aluminium’s previous closing price of USD 32.31 on Monday. The sale amounted to around 9.6 per cent of Century Aluminium’s outstanding shares. Before the transaction, Glencore held 40.1 million shares, making it the company’s largest single shareholder.
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Following the sale, Century Aluminium’s stock declined by nearly 14 per cent in Tuesday’s session, reversing some of the strong gains recorded earlier in the month. The company’s shares had climbed 14 per cent last Friday after reporting robust third-quarter results and had risen 77 per cent since the start of the year. The strong performance earlier this year was partly driven by higher aluminium prices, which will increase by about 13 per cent in 2025, as well as by US government measures aimed at safeguarding domestic metal production from foreign competition.
Read More: Century Aluminum Q3 2025: Higher prices lift financial performance
Glencore’s exit sparks speculation on strategy behind the move
Glencore, one of the world’s leading commodity trading and mining companies, has long been a major shareholder in Century Aluminium, which operates smelters across the United States and Iceland. The reason behind Glencore’s decision to reduce its stake has not been publicly disclosed. According to veteran market analysts, this move could be a deliberate rebalancing effort following the recent fall in Century Aluminium’s stock price.
The sale stands out as one of the largest shareholder transactions in the US aluminium sector this year, underscoring ongoing uncertainty in the global metals market despite firm demand and supportive policy trends.
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