06:52 ET<\/span>
\n<\/span><\/p>\nThe former chief executive of BP, Lord Browne, is to become chairman of commodities trading firm Glencore, the BBC understands. <\/p>\n
Lord Browne resigned from BP in 2008 after it was revealed he had lied to a court about his private life.<\/p>\n
He recently led an inquiry for the government on university tuition fees. <\/p>\n
Earlier, Glencore announced its intention to raise $9bn-$11bn (\u00a35.5bn-\u00a36.7bn) on the London and Hong Kong stock exchanges.<\/p>\n
The Swiss firm hopes to complete the offering next month. <\/p>\n
The group said the listings would give it the flexibility to achieve “sustainable growth”.<\/p>\n
Glencore employs about 57,500 people across more than 40 countries.<\/p>\n
It trades metals and minerals as well as energy and agricultural products.<\/p>\n
‘Growth opportunities’<\/span><\/p>\nThe flotation comes as a number of commodity prices have hit or approached record highs.<\/p>\n
The sale could value the company at up to $73bn.<\/p>\n
Glencore is currently owned by its partners, who stand to earn millions from the sale.<\/p>\n
However, they will be prevented from cashing in their shares for an undisclosed period of time.<\/p>\n
Glencore said it expected to be the first company in 25 years to enter London’s FTSE 100 on the first day of trading.<\/p>\n
Current chairman Ivan Glasenberg said: “An IPO is the next logical step in our development and strategy. <\/p>\n
“It will provide us with the financial flexibility to capitalise upon long-term growth opportunities throughout our business and achieve further sustainable growth.”<\/p>\n<\/p><\/div>\n<\/p>\n
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