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Glencore float to raise up to $11bn
Mon, 21 May, 2012
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Glencore float to raise up to $11bn
Thu, 14 Apr 2011, 09:29:00
Swiss-based commodity house <b>Glencore</b> is to raise between $9bn (£5.5bn) and $11bn as it lists on the London and Hong Kong stock exchanges.
 
 The company, which will join the FTSE 100, will issue between 15% and 20% of its capital. 
 
 "Over many decades, we have developed Glencore into an unrivalled global integrated commodity producer and marketer, active in almost every bulk commodity market," said chief executive Ivan Glasenberg. 
 
 "An IPO is the next logical step in our development and strategy."
 
 The float will value Glencore at between $45bn and $73bn. Glencore showed its worth last month with a strong profits rise. Net income jumped by nearly 40% to $3.8bn, while revenue was up by 45% at $145bn. Glencore said it "benefited from stronger metals prices and improving market sentiment in important end-user industries such as automotive and construction." 
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