The world’s biggest commodities’ trader has “gone public” on the London and Hong Kong Stock Exchanges, following the conditional issue of shares to its so-called “cornerstone investors” over the previous week.
Glencore has leapt straight into the FTSE 100 list of the UK’s largest companies and – with a market value likely to be at around £36 billion – will become the fourth or fifth biggest mining company traded on the London Stock Exchange’s premium main market.
And make no mistake, although Glencore’s trading in foodstuffs is a key part of its global business (attracting a wealth of criticism in recent years), its main profits are derived from the exploitation of oil and minerals.
Those choosing to buy Glencore stock this week may blithely hope that this monstrous enterprise will now forced to clean up its numerous dubious acts. But they certainly shouldn’t bank on it.
See http://www.minesandcommunities.org/10916.
Glencore clean-up backed by EU loan
Commodities giant Glencore has used loans guaranteed by British and European taxpayers to clear up its own pollution mess in Zambia, it has emerged.
http://www.dailymail.co.uk/money/article-1390154/Glencore-clean-Zambia-backed-EU-loan.html
Glencore makes weak Hong Kong debut
http://uk.news.yahoo.com/glencore-shares-down-2-8-hong-kong-debut-012836652.html