Ex-BP boss joins Glencore board as it pursues “largest” UK flotation ever

14th April 2011

The Guardian reports that Glencore's "eagerly awaited" flotation will turn hundreds of its employees into multimillionaires.

It says The initial public offering (IPO) will value Glencore at about $60bn (£37bn), which could take it the biggest float ever seen in London.

Glencore, has its headquarters in Switzerland and is the world's biggest commodities trader, buying and selling metal, sugar, wheat and oil. It is also the largest shipper of coal around the world. The company is owned by its 485 traders, who will receive average payouts of more than $100m each through the flotation.

Glencore also announced Tony Hayward, the former BP chief executive who quit the oil giant after the Deepwater Horizon disaster, is joining its board as its senior independent director.

On The Telegraph it is reported that Glencore plans to use the cash raised to increase Glencore's 50.7pc stake in Kazakh zinc miner Kazzinc, to pay off debt, and to fund a range of capital investment projects over the next three years.

It added that Simon Murray, South Pole adventurer and former Vodafone Group board member, will be Glencore chairman.

On Telegraph comment boards most were excited about the floation

EconomyWise said:  "This is exciting stuff!"

While the Guardian comment board most were unimpressed with the flotation and Mr Hayward's appointment- with the odd exception.

blackpoolbison says: "There was a good gruniard article on how TH did a superb job. ie directed as much flak as possible onto himself rather than BP. Would you buy a company from what appear to be 485 of the most successful traders in the game?"

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