Vodafone’s Bond to take over as Xstrata chairman March 7, 2011 Mining giant Xstrata said Willy Strothotte will retire as chairman at the miner’s annual general meeting on 4 May to be replaced by Vodafone chairman Sir John Bond. Strothotte is also chairman of Glencore. The world’s largest commodity trader is considering a possible stock market listing this year that could value it at about $60bn. [...]
Chase tipped for Glencore March 6, 2011 GLENCORE is narrowing down its prospective list of candidates for a chairman to replace Willy Stothotte as it prepares for an initial public offering (IPO), with outgoing Petrofac chairman Rodney Chase seen as the favourite to head the commodities trader. Glencore is getting ready for an IPO that could be worth as much as $60bn (£37bn), [...]
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