Glencore ready to appoint IPO banks

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The Independent Online

Hopes that Glencore may be readying itself for a listing received a boost last night as it emerged that the Swiss commodities trader was close to strengthening its team of financial advisers ahead of a potential flotation in London and Hong Kong.

If it decides to press ahead with what would be one of the biggest stock market listings this year, it is expected to hire Bank of America-Merrill Lynch, Barclays Capital, BNP Paribas and UBS to work alongside current advisers Citigroup, Morgan Stanley and Credit Suisse.

The news comes days after a Reuters poll of leading fund managers showed that most expected Glencore to launch its listing, which could value the group at $60bn, in May before the world's markets wind down for the summer.