SWITZERLAND-AUSTRALIAN FARMING INVESTMENT.
Swiss commodities trader Glencore has taken a substantial stake in GrainCorp with a 5.93pc shareholding.
According to The Australian Financial Review, Glencore has been sitting on the GrainCorp share register for months and is said to have been trading around the edges of its position by building up its stake and selling it down.
Even accounting for the trading, it seems unusual for a strategic investor to out themselves publicly at the 5pc disclosure level.
The AFR says it’s not large enough to be a blocking stake, particularly in this case given the grain growers hold about 14pc and Investors Mutual holds 8.3pc.
On the flip side, it’s hard to think of another example where the Swiss commodity trading house has held a passive minority stake without a longer-term strategic objectives.
