Glencore 'planning £31bn flotation'

The world's biggest commodities trader, Glencore, is believed to be eyeing a £31bn flotation on the London Stock Exchange.
By The Newsroom
Published 5th Dec 2010, 20:56 BST
Updated 5th Dec 2010, 20:57 BST

The Switzerland-based firm has lined up three investment banks to advise it on the move, which would be one of the largest ever FTSE 100 listings, according to reports.

Credit Suisse, Citigroup and Morgan Stanley are said to be helping Glencore prepare for the flotation, which according to reports could come as early as April next year.

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It is understood that the group, which was founded by US tycoon Marc Rich and is owned by 485 partners, would sell only a fifth of its shares to raise 6.3m. It is also said to be planning a secondary registration of shares in Hong Kong.

Glencore trades a wide range of commodities, including oil, coal, gold and foodstuffs, as well as producing commodities through a string of mines that it owns across the globe.

The group holds a one-third stake in miner Xstrata, as well as having a 9 per cent holding in Russian aluminium giant Rusal.

Related topics:Switzerland