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BUZZ-Lonmin: Spooked by Glencore's planned exit

Reuters - UK Focus

** The platinum producer's shares down as much as 6.6 pct after commodities trader Glencore Plc (Xetra: A1JAGV - news) said it intends to divest its stake in Lonmin (LSE: LMI.L - news)

** Glencore inherited its 23.9 percent stake in Lonmin through the acquisition of Xstrata in May 2013

** Drop in Lonmin shares on relatively heavy volumes with nearly 1.5 times a full day's average volume having traded in the first hour

** Some analysts warn that despite reassurances that Glencore's senior managers will not sell Lonmin shares immediately some shareholder may exit putting further pressure on shares

** Lonmin the biggest drag on FTSE All Share Mining index

** Glencore down less than a percent at 269.35 pence (abhiram.nandakumar.thomsonreuters.com@reuters.net)