Glencore float will create five billionaires
Business digest: London’s biggest-ever deal is set to generously reward all of the commodities trader’s shareholders
The historic flotation of the world's largest commodities trader, Glencore, is set to turn five of its directors, including chief executive Ivan Glasberg, into billionaires, and make millionaires of more than 450 other shareholding partners.
Around 20 per cent of the company is to be sold off at between 480p and 580p a share, in a move that Glencore hopes will raise around £6bn, and will value the company at £36.5bn.
Heavyweight investors will buy up 31 per cent of the shares in the initial public offering (IPO), to a total value of $3.1bn. This includes Abu Dhabi's Aabar, which is investing $850m, and the Government of Singapore Investment Corporation, which will be putting in $400m.
Due to its size, Glencore is expected to be fast-tracked into the FTSE-100 on the first day of trading, the third company ever to have been allowed to.
Read a full report at the Daily Telegraph.