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Glencore announces share float

Swiss-based commodities giant Glencore has announced that its planned share float later this month values the company at about $61 billion (SFr53 billion).

The company says it aims to sell its shares for between $8-$9.67 on the London Stock Exchange starting May 24.

A secondary flotation is planned for Hong Kong a day later.

Glencore aims to raise about $10 billion from the initial public offering that will catapult it straight into the FTSE 100 on the first day of trading.

The canton Zug-based company has established itself as a powerhouse in the oil, minerals, metals and agricultural products trading industry since it was set up by trader Marc Rich in 1974.

Since Rich sold the company for $600 million in 1993, it has mushroomed in size.
 
The public listing process represents one of the most significant deals ever made on the London and Hong Kong markets and partially moves control of the privately owned company into public hands – albeit large institutional investors, such as hedge funds and sovereign wealth funds.

swissinfo.ch and agencies


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