More Details About Glencore IPO

is disclosing more details about the company's IPO, which could make it worth potentially more than 37 billion pounds. The Swiss-based company would be listed on the London Stock Exchange, and potentially the Hong Kong Stock exchange. An IPO could happen as soon as April. Tony Hayward, the former BP

CEO will serve as senior independent director. Glencore is known as the ‘Goldman Sachs of commodities,' due to its strong and powerful web of former employees and current relationships from around the world. Glencore is made up of more than 2,000 traders, lawyers and accountants. The company, which was started in the 1970s, has relationships with Russian oligarchs, as well as African mining magnates. The company might sell as much as 20% of the company in the float. The company was set up by Marc Rich, who in 1983 was charged by the US government with tax evasion and selling oil to Iran during the 1979 to 1981 hostage crisis. He was eventually pardoned by President Bill Clinton in 2001. In addition to its extensive relationships around the world, Glencore owns more than a third of London-listed Xstrata

. Ivan Glasenberg, the chief executive of Glencore, wants to eventually merge the two companies.