MEET THE ADVISERS April 14, 2011 DAVID WORMSLEY CITIGROUP ADRIAN CARTWRIGHT CLIFFORD CHANCE BANKING rainmaker David Wormsley, widely known in the City as “The Worm”, is leading Citigroup as joint global co-ordinator and bookrunner on the Glencore listing. As chairman of UK investment banking at Citi he has been at the heart of several high-profile deals, including a key role in [...]
Secretive chief takes centre stage April 14, 2011 PUBLICITY-SHY chief executive Ivan Glasenberg will end years of secrecy by putting the private firm centre stage in an initial public offering (IPO). The former South African and Israel champion race walker is known to be wary of the limelight, preferring relative anonymity. Yet the 54-year-old has recognised the constraints of a private partnership on [...]
THE STORY BEHIND A COMMODITY TITAN April 14, 2011 THE COMMODITY boom has helped to turn Glencore into a powerhouse, creating huge profits on massive revenues. Driven by massive demand from China, commodity prices have soared in recent years, turning the Swiss-based firm into one of the largest privately held companies. Last year, it had pre-tax profits of $6.2bn (£3.8bn) on revenues of $145bn. [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]
FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]
Glencore names Simon Murray new chairman April 14, 2011 Commodities giant Glencore has announced its new chairman amid a morning of controversy that saw former BP chairman Lord Browne widely but wrongly flagged to take the position. Simon Murray, executive chairman of fund manager General Enterprise Management Services International (GEMS) and former Hutchison Whampoa group managing director, is the new non-executive chair of the [...]
Glencore hit by tax evasion complaint ahead of listing April 13, 2011 SWISS commodities giant Glencore was hit by accusations of tax evasion at its Zambian subsidiary yesterday, just hours before pressing on with its £7bn flotation in London today. Five international non-governmental organisations lodged a complaint with the Organisation for Economic Co-operation and Development (OECD) alleging accounting manipulations at Mopani Copper Mines, owned by Glencore. The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 11, 2011 FINANCIAL TIMES ALLIANCE TRUST FORCED TO OFFER VOTE CONCESSION Alliance Trust will make radical changes to its shareholder voting system in an attempt to fend off mounting pressure from activist investors, the Dundee-based company will say today. The £2.4bn investment company, which last month fell out of the FTSE 100, is expected to introduce a [...]
Glencore hunt for chairman intensifies April 10, 2011 GLENCORE, the world’s biggest commodities trader, is narrowing down its list of candidates to take over as chairman of the company after its flotation. Simon Murray, chairman of Asia-Pacific investment firm GEMS and a director on the board of Essar Energy and Richemont, is one of the contenders, with former Lazard International chairman Ken Costa also [...]
Glencore to trade in London from 24 May April 7, 2011 Shares of global commodities trader Glencore International are set to start trading in London on May 24 and in Hong Kong on May 25, the Ming Pao newspaper reported. Glencore was expected to kick off its initial public offering in Hong Kong on May 13, the newspaper reported, citing market sources. The global commodities trader [...]