Deals
Glencore Starts $11 Billion IPO as Goldman Says Flee Commodities
This article is for subscribers only.
Glencore International AG is starting the year’s largest initial public offering, valuing the company at as much as $60 billion, as Goldman Sachs Group Inc. urges a retreat from commodities and IPO investors shun the U.K.
The Swiss commodities trader plans to sell as much as $11 billion in shares in London and Hong Kong, it said today in a statement. The IPO may value Glencore at about $55 billion to $60 billion, said two people with knowledge of the sale, who declined to be identified because the information is private.