Glencore announces IPO
2011-04-15 10:22:47
Glencore International Plc has issued its long-awaited initial public offering, according to several media reports from London.
The Swiss-based commodities producer and marketer plans to list on the London and Hong Kong stock exchanges, and the global offering is expected to comprise between 15% and 20% of the group's issued share capital and is expected to raise between $9 and $11 billion, according to reports. The global offering is expected to be completed by May.
Founded in 1974, Glencore is headquartered in Baar, Switzerland, and is one of the world's leading integrated producers and marketers of commodities that industries around the world need, according to information published on the company's website.
Glencore also directly or through its subsidiaries holds significant stakes in publicly-listed companies including Xstrata (UK), Century Aluminum (US), Katanga Mining (Canada), Minara Resources (Australia), UC Rusal (Hong Kong) and Chemoil Energy (Singapore).
In SA, the company has a 70% interest in Shanduka Coal, which through its subsidiaries owns 100% of the Graspan, Townlands, Bankfontein, Leeuwfontein and Lakeside mines near Middelburg and Kendal.
Glencore has worldwide activities in the production, sourcing, processing, refining, transporting, storage, financing and supply of metals and minerals, energy products and agricultural products.
"Our customers around the world operate in a wide range of industries such as automotive, oil, power generation, steel production and food processing. They rely upon our established global network for supply of metals and minerals, energy products and agricultural products," the company notes on its website.
These commodities either originate from Glencore's own production assets or are sourced from third parties.