Law firms may earn £10m in Glencore deal

11 April 2012

Top law firms Clifford Chance and Linklaters today emerged as the latest City heavyweights set to cash in on the stock market float of $60 billion (£36.85 billion) commodities giant Glencore.

Linklaters corporate partner Charlie Jacobs is leading the team acting for Glencore, while Clifford Chance's capital markets partner Adrian Cartwright is advising a syndicate of banks underwriting the deal, including Morgan Stanley, Citigroup and Credit Suisse.

Glencore aims to raise about £7 billion in the initial public offering, with a dual listing in London and Hong Kong.

The banks may earn as much as 2.5% in fees - or around £175 million - while Clifford Chance and Linklaters could get more than £10 million.

Public relations firm Finsbury, which is handling corporate PR from London, is also set for a multi-million pound pay day.

Glencore will publish a prospectus and conduct an investor roadshow ahead of the IPO at the end of May.

The flotation has been hit by controversy. Ex-BP boss Lord Browne was lined up as chairman but pulled out last Thursday amid reports he was unhappy about corporate governance issues.

Glencore's new chairman, Simon Murray, dismissed such suggestions from the Browne camp as "snide".