Glencore flotation set to be delayed

THE flotation of commodities trader Glencore, set to be the most high-profile initial public offering (IPO) on the London stock exchange this year, is likely to be delayed due to market turbulence in the wake of the Japan crisis and continued unrest in the Middle East.

Sources close to the Swiss firm say it is closely watching the market after another volatile spell of trading last week. Management is believed to have decided that current conditions are "not the right IPO environment" and April's flotation should be postponed.