Glencore execs to become overnight billionaires

Glencore's Ivan Glasenberg is set to become one of Europe's richest men following the commodities giant's record initial public offering.

Glencore's senior executive Glasenberg will see his stake in the world's largest commodities trader surge to almost $10bn, the FT reports. Glencore priced its IPO on Wednesday at a level to give it a valuation of $48bn-$58bn. Following the issue of $7.9bn of new shares, the enlarged company will have a market value of $61bn at the midpoint of the IPO range. Glasenberg will have a stake of 15.8% of the enlarged company, worth $9.6bn. Other top shareholders include Daniel Maté and Telis Mistakidis, co-heads of the copper business, whose stakes will be worth $3.7bn apiece. After...