Glencore to float in London’s biggest deal

Business digest: World’s largest commodities trader to go public in $11bn deal

LAST UPDATED AT 10:48 ON Thu 14 Apr 2011

Glencore is to float as a public company by selling up to a 20 per cent stake in London and Hong Kong, in a deal that could be worth up to $11bn.

After nearly four decades of private ownership, Glencore's flotation is being seen as a radical move. It has already begun to announce a new board, to include Tony Hayward, former BP chief.

The world's largest commodities trader said it is looking to make further acquisitions, and that the move would give it the "firepower" to do so. It also plans to use the money to expand current projects and cut its debts.

The deal will be the largest ever in London, and the third largest in Europe.

Read a full report in the Financial Times (subscription).

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