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Glencore Prospectus Confirms IPO Will Create Six New Billionaires

Posted in industry, prominent persons, work by questionabletopic on Thursday, May 5, 2011

Glencore Prospectus Confirms IPO Will Create Six New Billionaires

The 1,600-page Glencore prospectus has finally been released (though it wasn’t easy to track down). The figures confirm what was rumored this morning–that some colossal wealth is being unleashed in this IPO.

After the float the company will be valued at roughly $60 billion, from whence we derive these seven new mega-fortunes.

1. CEO Ivan Glasenberg will have 1.09 billion shares, or 15.8% of the company, for a net worth of $9.5 billion. Glasenberg would tie for 93rd wealthiest person on Forbes list of Global Billionaires, alongside Russia’s fertilizer king Dimitry Rybolovlev and just after another Russian, German Khan. Glasenberg’s salary this year is 925,000 pounds sterling.
2. Daniel Francisco Mate Badenes: $3.6 billion (416.4 million shares, or 6%).
3. Aristotelis Mistakidis: $3.6 billion (411.8 million shares, or 6%).
4. Tor Peterson: $3.2 billion (366.3 million shares, or 5.3%).
5. Alex Beard: $2.76 billion (320.5 million shares, or 4.6%).
6. Steven Kalmin: $600 million (70.7 million shares, or 1%).
7. And then there’s the mysterious “selling shareholder” who is parting with 238.8 million shares in the IPO (or 4%), worth $2.4 billion. My suspicion is that this is former CEO and departing Chairman Willy Strotthote.

Ivan Glasenberg, aged 54 (Chief Executive Officer)
Ivan Glasenberg joined Glencore in April 1984 and has been Chief Executive Officer of Glencore since January 2002. Mr Glasenberg was appointed to the Board on 14 March 2011. Mr Glasenberg first worked in the coal/coke commodity department in South Africa for three years as a marketer, responsible for sourcing coal in South Africa and then in Australia for two years as head of the coal/coke commodity division, Asia, responsible for sourcing and marketing coal in regions including Australia, Asia and South Africa. Between 1988 and 1989, he was based in Hong Kong as manager and head of Glencore’s Hong Kong and Beijing offices, as well as head of coal marketing in Asia, where his responsibilities included overseeing the Asian coal marketing business of Glencore and managing the administrative functions of the Hong Kong and Beijing offices. In January 1990, he became director of the coal/coke commodity department, responsible for the worldwide coal business of Glencore for both marketing and industrial assets, and remained in this role until he became Chief Executive Officer in January 2002. Mr Glasenberg is a Chartered Accountant of South Africa and holds a Bachelor of Accountancy from the University of Witwatersrand. Mr Glasenberg also graduated in 1983 from the University of Southern California with an M.B.A. degree. He is currently a director of Minara as well as Xstrata and UC Rusal. Before joining Glencore, he worked for five years at Levitt Kirson Chartered Accountants in South Africa.


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