NORTON Rose, Linklaters and Clifford Chance have taken lead roles on commodities trader Glencore's planned initial public offering (IPO), which is set to value the company at around US$60bn.
Norton Rose is advising on the UK tax aspects of the IPO on the London and Hong Kong Stock Exchanges.
Linklaters is understood to have taken a lead role for the issuer, with a team led by partners across its London and Hong Kong offices.
Fellow magic circle firm Clifford Chance is advising the underwriters, with a team headed up by equity capital markets chief Adrian Cartwright, with Hong Kong-, London- and US-based partners.
Glencore, which is the world’s biggest commodities trader, is reported to be planning to sell a 20 per cent stake in the business through the IPO, in order to raise around US$10 billion to US$12 billion. The company is currently owned by 485 of its employees through various employee share schemes. On flotation, those shares will convert into shares in the new public company.
The Norton Rose LLP team is being led by London based partner and head of employee benefits David Cohen, who has advised Glencore on its UK shareholding structure since 1994.
David Cohen said: “This is a milestone deal in a number of respects. Not only is it likely to be the most significant IPO in London this year; it also marks the going public of probably the most valuable employee-owned company of all time.
“Given our long relationship with Glencore, it’s particularly pleasing to work with them on a matter which represents such a major landmark for them as well as the wider market.”
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