Glencore looks at mega-float

If it goes ahead, an initial public offering (IPO) of privately held Glencore could value the company at as much as $60bn, according to Liberum Capital estimates, making it one of Europe’s biggest listings ever.

“While no final decision has been taken, an IPO remains one of the options,” a source familiar with the situation said. Qatar, one of the sovereign wealth funds flagged as a possible “cornerstone” shareholder, is considering investing in Glencore, the country’s prime minister said yesterday.

“We are studying the matter at the moment. I believe we will have a meeting here in Doha in the next two days,” the Gulf state’s Prime Minister Sheikh Hamad bin Jassim bin Jabr al-Thani said.

A public listing would allow Glencore, a partnership, to keep growing even if its partners wish to leave.

It would also bolster the Swiss-based trader’s balance sheet, reassuring credit-rating firms, and allow it to make major acquisitions using shares as payment.

Glencore’s senior management team, led by 54-year-old chief executive Ivan Glasenberg, is presenting to sell-side analysts in London “over a couple of days” to improve their understanding of the company and its operations, the source added.

Glencore will also be taking analysts on visits to sites in places including Kazakhstan and Africa, a second source added. Tony Hayward, the former BP CEO, is likely to serve as senior independent director.