Glencore shares to trade in London on May 24: report

HONG KONG Thu Apr 7, 2011 8:13am EDT

Logos are seen in front of Swiss commodities trader Glencore building in Baar near Zurich January 5, 2010. REUTERS/Christian Hartmann

Logos are seen in front of Swiss commodities trader Glencore building in Baar near Zurich January 5, 2010.

Credit: Reuters/Christian Hartmann

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HONG KONG (Reuters) - Shares of global commodities trader Glencore International AG GLEN.UL are set to start trading in London on May 24 and in Hong Kong on May 25, the Ming Pao newspaper reported on Thursday.

Glencore was expected to kick off its initial public offering in Hong Kong on May 13, the newspaper reported, citing market sources. The global commodities trader was expected to sell 20 percent of its share capital in the IPO, raising about $12 billion, the report added.

About $600 million, or 5 percent of the issue, would be earmarked for retail investors in the Hong Kong IPO, the newspaper said. It gave no further details.

Glencore, which is considering a dual listing in London and Hong Kong, received listing approval from the Hong Kong stock exchange last week.

The Baar, Switzerland-based company is planning to issue an Intention to Float document in London in mid-April, although this timeline could change, two sources told Reuters on April 3.

Glencore has consistently declined to comment on the timeline of any IPO and company officials were not immediately available to comment on the Ming Pao report.

(Reporting by Denny Thomas; Editing by Jonathan Hopfner)

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