Top commodity trader Glencore aims to raise up to $12.1 billion with a dual listing that will boost firepower for deals at the height of a resources boom and make paper fortunes for its publicity-shy partners. The long-awaited details of the offer, set to be the largest ever in London, were outlined in an intention-to-float document that confirmed an earlier Reuters story. It did not include the appointment of a non-executive chairman.
Eight hours later, however, Glencore announced it had picked adventurer Simon Murray, a former Vodafone board member and former French Legionnaire, for the role. The wait for the chairman's name in the intention-to-float, though not unheard of at this stage in the listing process, unsettled some potential investors fretting about the strength of the firm's corporate governance. "They really should have had sorted before the announcement. We've seen this coming since 2008, so there's no excuse," said one prospective investor, a top 20 shareholder in long-term Glencore bid target Xstrata.
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