Glencore announces largest British stock IPO at $60 billion
London, England, United Kingdom (AHN) – Mining and commodities trader Glencore announced Thursday its plans to launch in May a $60-billion (GBP 37 billion) initial public offering. The value involved makes the flotation the largest in London stock market’s history.
The sock offering is expected to raise up to $11 billion (GBP 18 billion) by selling 15 to 20 percent of the company’s equity to international investors.
With the public offering, Glencore’s 485 partner are expected to receive an average windfall of $100 million (GBP 164 million) each, which would turn most of them into multimillionaires overnight. However, the cash bonanza will be locked in for up to five years.
Glencore Chief Executive Ivan Glasenberg said the company will use a large part of the stock market float to hike its stake in Kazakh gold and copper mine Kazzinc to 93 percent from 57 percent.
On the same day as the IPO, the company appointed Simon Murray as new chairman. Murray was former head of Hutchinson Whampoa, a Hong Kong company that operated a mobile phone service.
According to reports, Murray was a second choice for the post. The initial choice was Lord Browne, ex chief of British Petroleum. Browne did not accept the job because he and Glencore did not reach an agreement over the role, particularly on corporate governance.
Some investors, however, are wary of the impact of Glencore going public after 37 years of being held in private hands over their power to shape the firm’s strategy or approach to corporate governance. They fear being led by a board that which may not listen to shareholders.
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