This article decribes Glencore as the Goldman Sachs of Commodities. Why list, why now? The last big Pivate equity IPO was Blackstone in 2007 - good timing! Is this also a good time to de-risk if you are long term owner of a commodity business? You can make an argument for access to capital markets etc etc but taking some money off the table probably makes sense even if they are early.
http://uk.reuters.com/article/2011/02/25/uk-glencore-idUKTRE71O1AX20110225
The firm currently operates as a privately held partnership, with staff sharing the profits according to a performance-based incentives scheme. Sources familiar with Glencore's plans say it may list 20 percent of the company, possibly split between the London Stock Exchange and Hong Kong. Such a listing could yield up to $16 billion and value the firm at as much as $60 billion.
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