Glencore CEO Set For GBP69 Million Dividend Windfall

Ivan Glasenberg, the chief executive of Glencore International PLC (GLEN.LN), is in line for a dividend payment worth around GBP69 million this week when the Swiss-based group announces its first full-year payout to shareholders, according to the Sunday Times.

Glasenberg held a 15.8% Glencore stake at the time of Glencore's initial public offering of stock in May 2011.

The mining and metals-trading giant is expected to announce a 6.3 pence per share payment Monday when it announces its first full-year results as a listed company, the Sunday Times reported.

A spokesman for Glencore declined to comment.

The big payday comes as Glencore tries to pull off a GBP50 billion-plus merger with mining affiliate Xstrata PLC (XTA.LN) some of whose shareholders are pushing for an improvement in the share ratio of 2.8 Glencore shares for every Xstrata share that Glencore is proposing to clinch the transaction.

Newspaper Web site: http://www.timesonline.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

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