Commodities giant Glencore is expected to kick off a much-anticipated $10 billion listing this week, with the publication of an Intention to Float document that will confirm its plans after months of speculation. The listing - which could be the largest to date in London and one of the largest in Europe - will force the Swiss-based firm to shed its once-fabled secrecy and open up its huge and successful mining and trading operations to increased scrutiny.
It will also create massive paper wealth, dissolving the group's partnership structure and handing the 485 employees who own the group millions of dollars on average in shares - though all are expected to be locked in for at least a year, with top management unable to sell for five years.
Glencore is expected to list roughly a 20 percent stake, which, along with short lock-ups on some of the existing shares, would give it the freefloat necessary to secure a spot in London's top share index.
Sources familiar with the matter have said Glencore and its advisors are working to issue the ITF document in London around mid-April - this week - though that could still be delayed. ITFs, which are not a legal requirement, vary from brief statements setting out little more than a company's sketched plan to list at some stage to hefty documents listing details on timing, finances and management.
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