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BAAR, Switzerland (


) --


, the world's largest commodities trading company, plans to raise up to $11 billion in an initial public offering next month.

Glencore plans to sell 15% to 20% of its stock in London; the IPO values the company at up to $60 billion.

"Over many decades, we have developed Glencore into an unrivaled global integrated commodity producer and marketer, active in almost every bulk commodity market," said CEO Ivan Glasenberg in a statement Thursday.

"An IPO is the next logical step in our development and strategy. It will provide us with the financial flexibility to capitalize upon long-term growth opportunities throughout our business and achieve further sustainable growth," he said.

Glencore has a large share of the global trade in coal, copper, corn and other raw materials, and has about 55,000 employees in 40 countries, according to

The Associated Press

. The company earned $3.8 billion last year on sales of $145 billion.


reported that details of the offering didn't include the appointment of a new non-executive chairman for the group, a requirement for its listing.

"It is an important decision, we are just working through the final process. We have chosen someone, so we should announce it shortly," Glasenberg told



Glencore plans to propose former


CEO Tony Hayward for a senior role on its board, alongside Glasenberg and Steven Kalmin, Glencore's chief financial officer.

-- Written by Joseph Woelfel

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Joseph Woelfel

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