Glencore mulls $10bn IPO – report

[] — TRADING and mining company Glencore International is considering an initial public offering that may raise about $10bn next year, Bloomberg reported on Wednesday, citing three people with knowledge of the matter.

Swiss-based Glencore, the world’s biggest commodities trader, has been preparing to become a listed company after issuing a $2.2bn convertible bond last year.

Bloomberg said the IPO would take place in April or May and would be done in London and possibly Hong Kong. According to the report, Glencore is working with Citigroup and Morgan Stanley on the share sale, and Credit Suisse may also join in.

Proceeds from the share sale would be used to pay investors, improve its plants and make acquisitions, Bloomberg said.

Glencore, run by CEO Ivan Glasenberg, is also Xstrata Plc’s largest shareholder.

Glencore and the banks were not immediately available to comment.