Glencore paves way for £10bn flotation

first_img KCS-content Thursday 18 November 2010 7:48 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndo whatsapp PRIVATELY held commodities giant Glencore is considering listing in the first half of next year, in an IPO that could raise around £10bn.Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.bbn) convertible bond last year.The group, which yesterday posted a strong jump in nine-month profit, is considering an IPO that would likely launch off the back of full-year results in March or April, according to two people familiar with the matter who declined to be named.Switzerland-based Glencore declined to comment.While no final decision has been made on the size of the offering, it could raise around £10bn, one source said, making it one of the biggest London flotations on record.The IPO could to be a dual listing in London and Hong Kong, another source said. Morgan Stanley, Citigroup and Credit Suisse are expected to be involved in the listing.In the credit markets, the cost of insuring Glencore’s debt against default fell, which analysts said was sparked by the news about possible timing of the IPO.Five-year credit default swaps tightened 30 basis points to 215 basis points, the tightest levels since May. “Whilst we wouldn’t expect the proceeds to be put towards debt reduction, we consider the increased transparency and additional funding source should provide comfort to credit investors,” analyst Matthew Robbins at RBS said Another analyst said an IPO of Glencore would likely not take place until it completed a spin-off of its gold assets. In August, Glencore unveiled plans for spinning off or listing its Kazzinc gold assets, which could be worth more than $5bn, next year. Sharecenter_img whatsapp Show Comments ▼ Glencore paves way for £10bn flotation Tags: NULLlast_img