Glencore Chief Executive Ivan Glasenberg could be worth $10 billion after the commodities trader makes its debut later this month in a record public offering valuing the commodities group at some $60 billion. Glasenberg, a publicity-shy former coal trader, was known to hold the largest slice of Glencore, but his precise holding and corresponding paper wealth was unclear until Wednesday's bumper 1,566-page prospectus detailed his stake of 18.1 percent.
The 54-year-old's stake will drop to 15.8 percent after the IPO, but he will remain the largest holder with a paper fortune that will propel him into the ranks of the world's richest. Glencore, the world's largest diversified commodities trader, is seeking a strong debut for the share offering, capping planned proceeds at $11 billion and placing a third of that with key investors led by Abu Dhabi, it said on Wednesday.
Glencore set a 480 to 580 pence per share price range for the London initial public offering (IPO). That values it at 36.5 billion pounds ($60 billion) at the mid-point, which is below the price some analysts say the company is worth, and was seen as an attempt to leave something on the table.
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