Glencore PLC (GLEN), the multinational commodity trading and mining company, has disclosed the purchase of 6,375,002 of its own ordinary shares from UBS AG in an off-market transaction dated 5 November 2026. The gross price paid per share was CHF 5.6235, with an indicative sterling equivalent of £5.1235 per share. The buyback forms part of a broader programme that commenced on 10 September 2026 and is expected to run until February 2027, with all purchased shares earmarked for cancellation.

Key Points

  • Glencore PLC (GLEN), listed on the London Stock Exchange
  • 6,375,002 ordinary shares purchased from UBS AG on 5 November 2026 and designated for cancellation
  • Gross price of CHF 5.6235 per share; indicative GBP equivalent of £5.1235; Swiss withholding tax of 35% applied, reducing UBS's net receipt to CHF 3.6553 per share
  • Investors should watch the progress of the buyback programme ahead of its expected February 2027 completion

Glencore Cancels 6.375 Million Shares, Reducing Total Issued Share Count to 11.71 Billion

Following the settlement and cancellation of the purchased shares, Glencore will have 11,709,444,490 shares in issue, excluding treasury shares. The company also holds 1,265,485,108 shares in treasury, a figure the announcement states is unchanged by this transaction. By cancelling the repurchased shares rather than retaining them in treasury, Glencore is directly reducing its total share count, which typically serves to concentrate the ownership stakes of remaining shareholders and can influence earnings-per-share calculations over time.

Swiss Withholding Tax at 35% Applied to UBS's Net Receipt Under Off-Market Contract

The purchase price was settled in Swiss francs, with Glencore deducting Swiss withholding tax at a rate of 35% from the gross price before remitting the net amount of CHF 3.6553 per share to UBS AG. The announcement states that Glencore will separately pay the withheld tax directly to the Swiss Tax Authorities. This structure reflects the cross-jurisdictional complexity of Glencore's operations and financial arrangements, given its significant ties to Switzerland, where it is headquartered in Baar, canton of Zug.

Off-Market Buyback Conducted Within EU Market Abuse Regulation Boundaries via UBS

The off-market share purchase was executed under a contract with UBS AG, which also conducted related on-market purchases for its own account across applicable trading venues in connection with the programme. The announcement confirms that all purchases were conducted in accordance with the venue, price, and volume restrictions specified in Regulation (EU) No 596/2014, the Market Abuse Regulation. UBS is authorised under the arrangement to undertake both purchases and sales of shares to manage its equity exposure, meaning the number of shares Glencore acquires from UBS may differ from UBS's own reported purchases.

Buyback Programme Commenced September 2026 With February 2027 Completion Target

This transaction forms part of Glencore's existing share buyback programme, which the announcement states commenced on 10 September 2026 and is expected to be completed by February 2027. Investors may be watching the pace and scale of purchases as the programme progresses, particularly given commodity market volatility, which can affect Glencore's cash generation capacity. As a globally diversified miner and trader with exposure to coal, copper, cobalt, and other commodities, Glencore's ability to sustain capital return programmes is closely tied to prevailing commodity prices and trading conditions.