Glencore clears way for IPO 

The most senior employees at Glencore could reap $US250 million ($284m) each if the secretive Swiss metals trading company goes ahead with an initial public offering (IPO).

Glencore, which owns a 34.5 per cent stake in Xstrata, a miner, said that it had raised $US2.2 billion in convertible bonds from private equity firms and sovereign wealth funds. The bonds will convert into Glencore stock, valuing the trading firm at $US35bn should it seek an IPO.

Click here for more on Glencore's potential IPO.

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