Aabar writes down Glencore share

Abu Dhabi's Aabar Investments, a top shareholder in Glencore, has written off more $392m of its $1bn investment in the commodities trader, less than two years after taking part in its record listing, Reuters has reported. The write-down by Aabar, a unit of Abu Dhabi's state-owned International Petroleum Investment Co (IPIC), comes as Glencore moves into the final stages of its long-awaited takeover of miner Xstrata, in which it is already the largest shareholder. According to financial statements filed by IPIC on Thursday, Aabar, which owns 1.4% of Glencore, has recognised an impairment loss of $392m. It gave no further details.

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