Profits up 60pc at Glencore March 3, 2011 GLENCORE unveiled a trading update showing a 60 per cent rise in pre-tax profit yesterday, with the results particularly buoyed by rising prices for metals and agricultural products. The privately owned Swiss commodities trader is currently lining up investors for an initial public offering (IPO), with its chief executive Ivan Glasenberg making a major presentation [...]
FTSE bounces on commodity rebound as oil price weakens March 3, 2011 A REBOUND by commodity stocks fuelled strong gains by the UK’s top share index yesterday, as oil prices fell back on hopes for a peace deal in Libya, easing concerns over global demand. The FTSE 100 was up 90.20 points or 1.5 per cent at 6,005.09 at the close, ending above the 6,000 level for [...]
Glencore profit leaps as it lines up listing March 3, 2011 Privately held Glencore, the world’s largest commodity trader, posted a 42 per cent rise on half-year profit as it prepares for a possible giant stockmarket listing. The Swiss trader posted first-half net income of $1.56bn (£955.3m) as significantly higher metal prices boosted profit from its own mines and other assets. Company executives spent two days [...]
Qatar PM mulls Glencore stake February 28, 2011 Qatar’s sovereign wealth fund is looking at taking a stake in Glencore during its $60bn (£37.3bn) initial public offering, the Qatari Prime Minister said yesterday. Sheikh Hamad bin Jassim bin Jabr al-Thani said at a conference that he has a meeting planned with Glencore bosses in the next two days.
Glencore hires eight banks to handle its IPO February 27, 2011 COMMODITIES giant Glencore has taken on five additional banks to help it prepare for its possible float, sources yesterday told City A.M. Swiss-based Glencore now has eight banks working on its IPO plan, which analysts have said will value the firm at up to $60bn (£37.3bn). While Glencore has not officially confirmed that it will [...]
Commodities merger falls apart February 15, 2011 Merger talks between top flight commodity group Louis Dreyfus and smaller Singaporean rival Olam have failed, reviving speculation about the strategy of Dreyfus. Talks with Olam were announced in September last year and Dreyfus has been reported to have held merger talks with other rivals, including Swiss-based Glencore. A merger would have created a firm [...]
Analysts say Glencore could be worth $60bn January 26, 2011 GLENCORE, the world’s biggest commodities trader, has enjoyed a surge in value and is now worth some $60bn (£38bn) as it contemplates an initial public offering (IPO), according to leading team of mining analysts. That value placed on it by Liberum Capital would place it among the 15 biggest FTSE-listed companies if it were to [...]
HOW WE LED THE WAY ON GLENCORE January 26, 2011 “Hong Kong is expected to grab a share of the action in Glencore’s initial public offering.” City A.M. 17th December 2010 “Glencore plans a dual listing of its shares in Hong Kong and London” WSJ.com 25th January 2011
Hayward in talks to join Glencore board January 23, 2011 FORMER BP chief executive Tony Hayward is in early talks about joining the board of commodities trader Glencore as part of its planned initial public offering, it emerged yesterday. Hayward, who is a non-executive director for Russian oil venture TNK-BP, recently met with Glencore chief executive Ivan Glassenberg to discuss taking a non-executive role, according [...]
UK listing for Severstal gold mining group January 17, 2011 RUSSIAN steel company Severstal yesterday announced plans to float its Nord Gold unit in London to raise more than $1bn (£629m). It values the company at over $4bn. The premium listing of at least 25 per cent of the gold miner is set to be the biggest mining float since Nate Rothschild’s $1bn offering of [...]