Glencore ‘prepares for £37bn flotation’

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The world’s biggest commodities trader, Glencore, has hired eight banks as it prepares for its $60 billion (£37 billion) flotation on the London Stock Exchange, according to a report.

Switzerland-based Glencore is said to have brought in five new investment banks to add to its core three-strong line-up of advisers for the move, which would be one of the largest ever FTSE 100 listings.

A newspaper report claimed Glencore was holding a key presentation for analysts from the eight banks this week, with plans for a pre-Easter float.

It is also thought Glencore is lining up sovereign wealth funds from China and Qatar to act as the cornerstone investors for the float.

The group is said to be planning to list 20 per cent of its shares in London and through a secondary listing in Hong Kong.

Glencore was founded by US tycoon Marc Rich in 1974 and is owned by 485 partners.

It trades a wide range of commodities, including oil, coal, gold and foodstuffs, as well as producing commodities through a string of mines that it owns across the globe. Glencore was not immediately available for comment.