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May 4, 2011

Glencore lists fraud, criminal case among IPO risks

LONDON (Reuters) – Commodity trader Glencore, set to list this month in one of London’s largest-ever offerings, has detailed its involvement in a Belgian criminal probe as it outlines risks to investors, including fraud and corruption.

Glencore said in a prospectus on Wednesday, ahead of its planned $11 billion listing, that its subsidiary Glencore Grain Rotterdam, a former employee and a current employee had been charged in a criminal case in Belgium.

May 3, 2011

Abu Dhabi, Och-Ziff, UBS back Glencore IPO-sources

LONDON, May 3 (Reuters) – Abu Dhabi’s Aabar Investments will
be the biggest of at least 10 “cornerstone” investors backing
the $12 billion flotation of Glencore, the Swiss commodity
trader, people familiar with the matter said on Tuesday.

Aabar, majority owned by the emirate’s International
Petroleum Investment Co (IPIC), will be joined by hedge funds
Och-Ziff Capital Management (OZM.N: Quote, Profile, Research, Stock Buzz) and Eton Park, Swiss banks
Credit Suisse, Pictet and UBS, and a quartet of Glencore’s
existing convertible bond investors, the people said.

May 3, 2011

Galp picks banks for $3 bln Brazil deal-sources

LONDON, May 3 (Reuters) – Portuguese oil company Galp
Energia (GALP.LS: Quote, Profile, Research, Stock Buzz) has hired Bank of America Merrill Lynch,
JPMorgan and UBS to help it raise about $3 billion by selling a
stake in its Brazilian unit, people familiar with the matter
said on Tuesday.

Galp plans to raise at least 2 billion euros ($2.95 billion)
to help finance its part in the development of massive oil
fields in Brazil’s so-called subsalt region — site of the
largest oil discovery in the Americas for more than 30 years.

May 3, 2011

EXCLUSIVE: Abu Dhabi and hedge funds to back Glencore IPO

LONDON (Reuters) – An Abu Dhabi vehicle, big hedge fund managers and Swiss private banks are set to serve as “cornerstone” investors backing commodity trader Glencore’s $12 billion (7 billion pound) flotation, a person familiar with the matter said.

The listing, which could be London’s biggest ever, will be aided by strong support from cornerstones, who could buy nearly 30 percent of the shares sold — or some $3.6 billion worth, if the listing raises its maximum target of $12.1 billion.

May 1, 2011

Abu Dhabi, hedge funds to back Glencore IPO: source

LONDON (Reuters) – An Abu Dhabi vehicle, big hedge fund managers and Swiss private banks are set to serve as “cornerstone” investors backing commodity trader Glencore’s $12 billion flotation, a person familiar with the matter said.

The listing, which could be London’s biggest ever, will be aided by strong support from cornerstones, who could buy nearly 30 percent of the shares sold — or some $3.6 billion worth, if the listing raises its maximum target of $12.1 billion.

May 1, 2011

Exclusive – Abu Dhabi, hedge funds to back Glencore IPO – source

LONDON (Reuters) – An Abu Dhabi vehicle, big hedge fund managers and Swiss private banks are set to serve as “cornerstone” investors backing commodity trader Glencore’s $12 billion flotation, a person familiar with the matter said.

The listing, which could be London’s biggest ever, will be aided by strong support from cornerstones, who could buy nearly 30 percent of the shares sold — or some $3.6 billion worth, if the listing raises its maximum target of $12.1 billion.

Apr 20, 2011

Sweden’s EQT begins $3 billion alarm firm sale: sources

STOCKHOLM/LONDON (Reuters) – EQT, the private equity firm backed by Sweden’s Wallenberg family, has begun the $3 billion-plus sale of burglar alarm firm Securitas Direct, people familiar with the matter said.

Securitas Direct could interest both rival private equity investors and large listed companies with security operations, including Stanley Black & Decker Inc, Tyco and United Technologies Corp (UTC), some of the people said.

Apr 20, 2011

Sweden’s EQT begins $3bln alarm firm sale -sources

STOCKHOLM/LONDON, April 20 (Reuters) – EQT [EQTPRK.UL], the
private equity firm backed by Sweden’s Wallenberg family, has
begun the $3 billion-plus sale of burglar alarm firm Securitas
Direct, people familiar with the matter said.

Securitas Direct could interest both rival private equity
investors and large listed companies with security operations,
including Stanley Black & Decker Inc (SWK.N: Quote, Profile, Research, Stock Buzz), Tyco (TYC.N: Quote, Profile, Research, Stock Buzz) and
United Technologies Corp (UTC) (UTX.N: Quote, Profile, Research, Stock Buzz), some of the people said.

Apr 17, 2011

Glencore worth up to $69 billion, underwriters say

LONDON (Reuters) – Glencore is already worth as much as $69 billion, with its earnings set to double in two years, according to research from two banks underwriting the commodity trader’s potentially record-breaking listing.

Glencore’s banks are distributing research to potential investors to help convince them to back the previously insular trader as it seeks to raise as much as $12.1 billion.

Apr 17, 2011

Only toughest thrive in Glencore’s trading culture

LONDON (Reuters) – They’re a special breed, likened to robots or followers of a religious sect, such is their unflinching dedication.

Life as a top trader at Glencore, the world’s leading commodities marketing group, means grueling long hours and intense pressure to strike killer deals, salved by handsome financial rewards and a family-like camaraderie.

    • About Quentin

      "Quentin Webb is a Reuters Breakingviews columnist, covering mergers and acquisitions, corporate finance and private equity. He is based in London. Before becoming a columnist, he was a news reporter for Reuters, where he was most recently European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. He joined Reuters in 2003 from Legalease, a legal publisher. He has a first-class degree in psychology from University College London."
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