Glencore float to raise up to $11bn

The world's biggest commodities trading firm, Glencore, has said it plans to raise $9-$11bn (£5.5bn-£6.7bn) on the London and Hong Kong stock exchanges.

It has also announced the appointment of Simon Murray, a former managing director of Asian conglomerate Hutchinson Whampoa, as chairman.

Glencore, which trades metals and minerals, as well as energy and agricultural products, made a net income of $3.8bn on revenues of $145bn last year.

VSA Capital mining analyst Paul Renken said Glencore had chosen a good time to float the company, but that "this particular transaction has been in the works for several years".

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