Glencore’s partners are not offering equityto you and me out of a sense of charity
We’re all going to be investors in Glencore, whether we like it or not. If the flotation of this giant commodity and mining group goes ahead next month at the valuation currently indicated, it will leap straight into the upper reaches of the FTSE 100 — something that has not happened to any new share since the big privatisations of the 1980s. That means every major pension fund, and all those tracker funds and funds of funds that wealth managers love to stuff their clients into, will end up owning little bits of Glencore.
The fact that this secretive operator, headquartered in a fiscally convenient Swiss village, controls half the world’s copper trading and two thirds of global zinc trading, plus shedloads of coal, oil and agricultural produce — pretty well everything the world is running short of, in fact — should make Glencore shares even more of a must-have.
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in