Last week, Hong Kong’s plans to play host to IPOs of international behemoths such as Saudi Aramco took a serious hit, amid news that both Glencore and Tapestry, the owner of luxury fashion brand Coach, would delist from the local exchange. read
The total number of shares subscribed for by cornerstone investors in Glencore’s IPO, which is targeting proceeds of about US$10 billion (excluding a 10% over-allotment option), is expected to represent approximately 31% of the global offer, assuming the overallotment option is not exercised. The US$3.1 billion tranche therefore represents one of the largest cornerstone books by value ever achieved for an IPO. But there are consequences to the practice, which could come back and haunt the issuer as well as other investors in the company. read
Glencore International plc filed today an announcement detailing the terms of its proposed US$9 billion to US$11 billion flotation on the LSE and the Stock Exchange of Hong Kong. The filing reveals a transaction mainly comprised of new shares to be issued, as well as the prominent role played in the deal by Morgan Stanley and Citi.
HONG KONG (Dow Jones Investment Banker) – As chatter increases, Glencore International AG remains tight-lipped about its IPO plans. Some of what has filtered over the last few days, however, offers a clue as to what its US$10 billion to US$15 billion offering and dual listing might look like, and suggests it could come next month, just before the Easter break.
Forget WikiLeaks. Today’s bombshell is an internal presentation by banking giant UBS that provides advice to some of its front-office employees in Switzerland on how to dress and groom themselves for success. read