Chase in the frame for Glencore chair

Commodities giant Glencore has lined up one-time BP executive Rodney Chase as chairman as it prepares for a possible $60 billion (£37bn) flotation, it is understood.

Chase is said to have agreed in principle. Sources said the other final candidate, former trade minister Lord Davies, had withdrawn.

Chase has also been deputy chairman of supermarket group Tesco and is the outgoing chairman of oil services firm Petrofac. He spent almost 40 years at BP, where he helped to create its Russian joint venture TNK-BP.