Glencore Xstrata Plc raised the biggest loan on record for a commodity trader at interest rates below those offered to competitors as the 80 banks backing the deal count on winning future business from the company.
When Ivan Glasenberg walked into a members-only club in London’s Mayfair district on Sept. 7 at about 2 a.m. to see a customer, he’d just played what’s seen as the winning hand in negotiations to seal a $30 billion takeover.
It took Philipp Freimann just a few seconds to know he didn’t want apartment blocks built on his farmland in Zug, Switzerland’s richest canton, a decision that meant he would give up at least 30 million francs ($32 million).
It is the blockbuster share sale of the year. When it lists in London next month, the Swiss commodities company Glencore International AG may well be valued at more than $60 billion. It will be too big to ignore.
Zijin Mining Group Co. may convert notes it bought from Glencore International AG into shares as the Swiss commodities trader plans an initial public offering in Hong Kong and London, a company executive said.