Glencore International AG, the largest commodities trader, is set to start talks with potential investors for an initial public offering and will begin briefing analysts today, said people with knowledge of the plan.
Discussions with funds including China Investment Corp. and Qatar Investment Authority are about to begin, said one of the people, who declined to be identified because the talks are confidential. Mining analysts in London will attend a two-day briefing in the city starting today, with some also visiting assets owned by Glencore later in the week, two people said.
Glencore is studying a $10 billion IPO in London and Hong Kong by the third quarter, to be handled by Citigroup Inc., Credit Suisse Group AG and Morgan Stanley, two people said last month. Liberum Capital Ltd. valued the Baar, Switzerland-based company at $47 billion to $51 billion in a July report.
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