Glencore International is the world's largest commodities trading company. It was formed in 1974 by a management buyout of Marc Rich & Co. In May 2013, it completed the US$29 billion acquisition of Xstrata to create the world's fourth-biggest mining company, with a market value of about US$68 billion.

Glencore's net debt amounted to US$29.6 billion as of the end of June. Photo: Reuters

Glencore to issue 1.3b new shares to pay debt

Mining and commodities trading firm Glencore on Wednesday announced it will issue up to 1.3 billion new ordinary shares to raise up to US$2.5 billion as part of efforts to pay down debt.

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