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Glencore on FTSE 100 fast track
World’s largest commodities trader to use a little known rule to immediately enter London’s blue-chip index following its IPO
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Glencore is set to be fast-tracked into the FTSE 100 following its initial public offering in May.
Normally companies must wait until the FTSE’s quarterly reshuffle to enter the blue-chip index, but the commodities trader expects to join straight away through the ‘fast track entry rule’.
This rule allows companies to enter the FTSE 100 immediately if they have a market capitalization worth at least 1 percent of the FTSE All Share Index on the first day of trading.
‘Following discussions with FTSE, and based on its likely market capitalization, Glencore is expected to enter the FTSE 100 at the close of business on the first day of trading,’ says the company in a statement announcing its IPO.
It will be the first time in 25 years – and only the third time ever – that a company has used the fast track rule, according to Glencore.
This morning the company announced its long-awaited dual listing in London and Hong Kong, in which it will seek to raise between $9 bn and $11 bn.
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Please take a moment to read an opinion piece on dividend taxation and the debt bias from OTC Markets Group’s president and CEO, R Cromwell Coulson. Just published on Forbes.com, the column discusses how the US tax code currently favors interest payments on debt over dividend payments to shareholders and possible changes in the US dividend tax rate could make it significantly worse. It also explains why removing the debt bias from our US tax policy will promote growth and a strong economy, and will allow profitable companies to return excess capital to their shareholders. To learn more about OTC Markets Group, visit our website: www.otcmarkets.com.
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