City awaits Glencore's papers for giant float

Commodities giant Glencore is expected to kick off a much- anticipated listing this week with the publication of an "intention to float" (ITF) document, which will end months of speculation and could value the firm at $60 billion (£37bn).

The listing - which could be the largest to date in London and one of the largest in Europe - will force the Swiss 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 per cent 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 FTSE 100 index.

Sources have said Glencore and its advisers are working to issue the ITF document in London around mid-April, 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.

Glencore is expected to provide extensive detail, including the name of its new chairman. One Sunday newspaper has named Simon Murray, a Hong Kong businessman and former French foreign legionnaire, as a frontrunner among three candidates.

Murray, currently chairman of Asian private equity firm Gems, could not be reached for comment yesterday.

Glencore, which has kept its plans under wraps since briefing analysts, declined to comment.