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Ivan Glasenberg, CEO, Glencore

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Glencore could rival BHP, Rio Tinto

Miningmx reporter | Thu, 07 Jan 2010 10:38
[miningmx.com] -- GLENCORE, the Swiss-based commodities trader, could rival BHP Billiton, the $227bn diversified mining house or Rio Tinto should it list, Bloomberg News said citing investor Nathaniel Rothschild.

"They are at a moment where, were they to do public or merge with Xstrata or make some other acquisition or some other strategy, they can actually join the ranks of the Rios, the BHPs," Rothschild told Bloomberg News.

Rothschild is a member of the Rothschild banking family. He holds $40m in Glencore bonds which would be convertible into shares were the company to list. Glencore's bonds give it a pre-conversion value of $35bn, Bloomberg News said.

This is similar in size to Xstrata in which Glencore has a 34% stake.

"They can now actuall supercede one of the big companies," Rothschild told Bloomberg News.

Glencore is run by CEO, Ivan Glasenberg.


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