Glencore planning £31bn flotation

The world's biggest commodities trader, Glencore, is eyeing a £31 billion flotation on the London Stock Exchange, it was reported yesterday.

The Switzerland-based firm is said to have lined up three investment banks to advise it on the move, which would be one of the largest ever FTSE 100 listings. It is understood that the group, which was founded by US tycoon Marc Rich and is owned by 485 partners, would sell only a fifth of its shares to raise some 6.3m.