Glencore announces flotation
The largest commodities trader in the world, Glencore, has announced that it values its impending flotation at about $61 billion. Shares will be offered at between 480p and 580p. The firm’s CEO, Ivan Glasenberg, will become one of the world’s richest men with his 18% stake, and several other key executives are set to boost their net worths by the hundreds of millions. They will not be able to sell their shares for at least 5 years. Abu Dhabi company Aabar Investments, a division of the government’s petroleum company, is set to be the biggest outside investor.
Glencore trades mainly in metals and minerals, and has seen increased profits due to increased demand from China for these commodities. The company has a reputation for being relatively secretive, so their prospectus on the flotation that is due soon is highly anticipated by investors. They posted $3.5 billion in profits last year.
The largest commodities trader in the world, Glencore, has announced that it values its impending flotation at about $61 billion. Shares will be offered at between 480p and 580p. The firm’s CEO, Ivan Glasenberg, will become one of the world’s richest men with his 18% stake, and several other key executives are set to boost their net worths by the hundreds of millions. They will not be able to sell their shares for at least 5 years. Abu Dhabi company Aabar Investments, a division of the government’s petroleum company, is set to be the biggest outside investor. Glencore trades mainly...
The largest commodities trader in the world, Glencore, has announced that it values its impending flotation at about $61 billion. Shares will be offered at between 480p and 580p. The firm’s CEO, Ivan Glasenberg, will become one of the world’s richest men with his 18% stake, and several other key executives are set to boost their net worths by the hundreds of millions. They will not be able to sell their shares for at least 5 years. Abu Dhabi company Aabar Investments, a division of the government’s petroleum company, is set to be the biggest outside investor.
Glencore trades mainly in metals and minerals, and has seen increased profits due to increased demand from China for these commodities. The company has a reputation for being relatively secretive, so their prospectus on the flotation that is due soon is highly anticipated by investors. They posted $3.5 billion in profits last year.
