In 1990, Marc Rich + Co. buy a 34.5% stake in Südelektra, becoming the largest shareholder.1 This marks the start of a long relationship between Glencore and Xstrata that later culminates in a takeover. As separate entities for now, the two groups nonetheless maintain close ties and later end up sharing a chairman and selling assets to one another when cash is needed.2


1 Alessio Maria Matteocci, “Glencore PLC: Decoding a Black Box” (MSc. diss., Luiss Guido Carli 2017),

2  Rebecca Bream, “Xstrata raises investor hackles over asset sale,” Financial Times, January 29, 2009,