Glencore IPOThe Associated Press, On Thursday April 14, 2011, 3:28 am EDT
By The Associated Press
GENEVA - Privately-held commodities trader GlencoreInternational has formally announced its intention to float part of itsstock for up to $11 billion next month.
Glencore's plan to publicly sell 15 to 20 per cent ofits stock on the London exchange would value the company at up to $60billion.
The Baar, Switzerland-based company has a major share of the global trade in raw materials such as coal, copper and corn.
Glencore says it expects to become only the third company ever to enter the FTSE 100 on the first day of trading.
The company said Thursday it will propose former BPchief executive Tony Hayward for a senior role on its board alongsideexisting CEO Ivan Glasenberg.
Glencore's IPO is expected to net financial advisers as much as $400 million in fees.