Commodities giant Glencore stock listing imminent: source

11th April 2011, Comments 0 comments

A public stock listing of Swiss commodities giant Glencore is imminent, a source said Monday, adding however that no specific date has been fixed for the move.

The listing on the London and Hong Kong stock exchanges is imminent, the source said.

According to economic news agency Dow Jones Newswires, the Baar-based commodities trading group will announce its initial public offering on Thursday.

Glencore, the world's biggest commodities trader, is expected to float about 20 percent of its shares initially, the source said.

With the company valued at about $60 billion, the IPO would therefore allow it to raise approximately $12 billion.

Glencore posted a 40.7 percent jump in 2010 net profit to $3.8 billion, reflecting strong demand for metals and minerals.

Revenues were up 36.3 percent at $145 billion, said the group which was founded in 1974.

Glencore deals with commodities including metals and minerals, energy and agricultural products. The group is involved in all stages of the supply chain -- from extraction to refining and supplying.

© 2011 AFP

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