Glencore Set for an IPO and a Bigger Chunk of Xstrata
Glencore International, a Switzerland based commodities trader, is all set to announce a partial public flotation. The Initial Public Offering (IPO) for Glencore International will allow it to move towards more acquisitions.
The company is already involved in mining and commodities and is eyeing the Anglo-Swiss mining giant Xstrata. Glencore International already owns a stake in Xstrata.
The IPO is expected to bring in $10 billion worth of funds to the company as per industry analysts. The shares for Glencore International will be sold on both the London and Hong Kong stock markets. The chief executive Ivan Glasenberg said in a rare interview that the float will give the company the firepower it needs to target larger acquisitions such as Xstrata.
Glencore had generated revenues of $145 billion in 2010 and currently operates with 55,000 employees in 40 countries. The IPO will value the company at $60 billion. There is a likelihood of this starting a chain reaction of sorts amongst private companies of going partially public as per analysts.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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