Glencore Plc units agreed to plead guilty to charges including bribery and price manipulation as part of a sweeping settlement with authorities in the U.S., UK and Brazil to settle long-running corruption probes that have hung over the commodities giant for years.
Glencore expects the total penalties will be roughly in line with the $1.5 billion it set aside earlier this year, the company said in a statement, although the payment to the UK will only be finalized after a hearing next month. The misconduct spanned businesses and activities from bribery and corruption in Brazil, Venezuela and five African nations, to price manipulation in U.S. fuel-oil markets.
While the settlements will help remove a question mark that has overshadowed the company’s business for years, it also still faces investigations in Switzerland and the Netherlands. Glencore shares earlier jumped as much as 5.3% before paring gains to close 1.3% higher in London. The commodity trader and miner had indicated it expected to resolve the UK, U.S. and Brazilian investigations this year.
