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April 14, 2011 2:49 PM

Linklaters, Clifford Chance Land Work on Glencore IPO

Posted by Tom Huddleston Jr.

Linklaters landed the primary advisory work for Glencore International AG in the Swiss commodities trader's IPO, Am Law Daily sibling publication The Asian Lawyer reported Tuesday. 

Glencore announced Thursday its plans for a dual listing on the London and Hong Kong stock exchanges later this year. The Baar, Switzerland-based trader will initially float a 20 percent stake, The New York Times reports.

The company plans to raise as much as $12.1 billion, valuing Glencore at more than $60 billion, The New York Times reports. 

If the listing raises more than $10 billion it would be the largest IPO in London's history and one of the biggest ever in Europe, according to Reuters. The Times adds that Glencore plans to use roughly $5 billion of the offering's proceeds on capital expenditures in the next three years. 

Linklaters is lead counsel to Glencore, with capital markets partner Robert Cleaver advising on the Hong Kong listing. London partners Charlie Jacobs, Owen Clay, and Patrick Sheil also are advising from the firm, with Sheil providing counsel on U.S. legal aspects. The Asian Lawyer reports that Peter Pestalozzi, of Zurich law firm Pestalozzi, is advising on Swiss law.

Meanwhile, a group of underwriters made up of Morgan Stanley, Citigroup, and Credit Suisse turned to Clifford Chance for counsel. Partners from that firm include Adrian Cartwright, David Lewis, and John Connolly in London, and Amy Lo in Hong Kong.

Reuters also reports that, hours after announcing the IPO, Glencore named its new nonexecutive chairman: former Vodafone board member Simon Murray.

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