Glencore IPO Prospectus - Ebook download as Text File .txt), PDF File .pdf) or read book online. before Glencore's pre-IPO prospectus was published, they have little excuse for failing to do so now, nor for ignoring the implications of what. The 1,page Glencore prospectus has finally been released (though it wasn't easy to track down). The figures confirm what was rumored.
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Operating and financial review. Glencore IPO Prospectus. – Accountant's report on historical. Glencore IPO Prospectus. – A copy of this Prospectus has been delivered to the Jersey registrar Xstrata at the time of its London IPO and the Cerrejón stake thereafter. This document comprises a base prospectus for the purposes of Article of the Prospectus Directive Following Glencore's initial public offering in May , employees continued to own a sizable to the PDF page.
History[ edit ] — Formation and sale[ edit ] An Australian ABC public radio report said, "Glencore's history reads like a spy novel ". AG in by billionaire commodity trader Marc Rich. The name is an abbreviation of "Global Energy Commodity Resources". Reuters called the Nikanor acquisition an example of Glencore's opportunistic, contrarian , well-funded investment approach—focusing on equity participation, controlling interest, and working upstream from trading relationships. That deal gave Glencore exclusive rights to sell all Nikanor's output — an " offtake " agreement The cause for the complaint lay in the financial and accounting manipulations performed by the two companies' subsidiary, Mopani Copper Mines Plc MCM , to evade taxation in Zambia. The avoidance was alleged to have been facilitated through mechanisms such as transfer pricing and inflated costs at Glencore's Mopani Copper Mine.
But institutional investors may take some convincing. Nobody knows. Glencore, which has pursued an opportunistic but lucrative acquisition strategy, said in the prospectus it would continue to seek deals to strengthen its core physical marketing activities and also detailed talks to download a stake in an alumina refinery and manganese mining operations.
But it made no mention in the document of plans for Swiss miner Xstrata in which it has a 34 percent stake and with which it is widely expected to merge. That would put a deal at least months away.
Glencore said it had struck agreements with cornerstone investors, who will take up around 31 percent of the total offer, one of the largest cornerstone books to date. The source close to the deal said the cornerstones were oversubscribed, with not every early investor getting the full allocation they had requested.
That would value Glencore at about 8 to 10 times estimated earnings, based on the average forecast of the three banks underwriting the IPO. Founded in by trading sensation Marc Rich, Glencore has until now held on to a fiercely prized tradition of discretion.
As a result, investors will scour the prospectus for details ranging from its existing investors to risks and trading. Glasenberg would tie for 93rd wealthiest person on Forbes list of Global Billionaires, alongside Russia's fertilizer king Dimitry Rybolovlev and just after another Russian, German Khan. Glasenberg's salary this year is , pounds sterling.
And then there's the mysterious "selling shareholder" who is parting with No mystery. Mr Glasenberg was appointed to the Board on 14 March For more on Glasenberg and Glencore's history, see this story.
He is also a director of Volcan. He is also a director of Katanga and Recylex and is chairman of Mopani.
Mr Mistakidis holds a B. Economics degree from London School of Economics. Before Glencore, he worked at Cargill for six years, where he worked in and gained experience in the non-ferrous metals industry.
Before Glencore, he worked for five years for Phibro-Salomon Inc.