Glencore to list in London in May « Mining Blog

Glencore to list in London in May

22. March 2011,

Yesterday, Glencore, the world’s largest commodities trading company announced that it would launch an IPO (Initial PUblic Offering) on the London and Hong Kong stock changes (LSE & HKx).

This would be the biggest “offering” of shares ever in Bitish history, aimed at raising just over US$12 billion for Glencore’s expansion over the next three years. The reason the conglomerate has chosen London is because it’s the centre for mining-related fund raising’ but no doubt also because the LSE has a reputation for exerting a “light touch” when it comes to regulation.

As summarised in the FROM MONEY TO METALS entry on Glencore, the Swiss-based trader is notorious for a lack of transparency.

Whether trading publicly on stock exchanges will change this is highly doubtful. For example the senior “independent” director, appointed to its board is none other than former BP Chief Executive, Tony Hayward, the man who was ousted from Britain’s biggest company, because of his appalling handling of the massive Gulf of Mexico oil spill.

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