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Glencore plans stock float worth up to $11 billion

Glencore plans stock float worth up to $11 billion

Privately-held commodities trader Glencore International has formally announced its intention to float part of its stock for up to $11 billion next month.
Glencore's plan to publicly sell 15 to 20 percent of its stock on the London exchange would value the company at up to $60 billion.
The Baar, Switzerland-based company has a major share of the global trade in raw materials such as coal, copper and corn.
Glencore says it expects to become only the third company ever to enter the FTSE 100 on the first day of trading.
The company said Thursday it will propose former BP chief executive Tony Hayward for a senior role on its board alongside existing CEO Ivan Glasenberg.
Glencore's IPO is expected to net financial advisers as much as $400 million in fees.


Updated : 2021-10-18 06:21 GMT+08:00