document: Glencore gets HK nod for planned $ 10 billion IPO By Denny Thomas and Fiona Lau HONG KONG -LRB- Reuters -RRB- - Glencore International AG GLEN.UL , the global commodities trader , has got approval to list from Hong Kong 's stock exchange as it prepares an initial public offering which could raise $ 10 billion , sources said . The Hong Kong stock exchange approval - according to sources with direct knowledge of the matter - does not stipulate any deadline for Glencore to launch the IPO , but it is an important step toward it . Glencore is considering a dual listing in London and Hong Kong . Amid recent market turmoil Hong Kong 's approval is the strongest hint yet that the company will still proceed . Glencore declined to comment . Glencore 's listing application was considered by the Hong Kong exchange at a scheduled meeting on Thursday . Glencore , valued earlier this year by one analyst at about $ 60 billion , is looking to ditch its long-standing partnership structure in favor of continuing as a public company , which would make it easier to reward partners and conduct acquisitions . The company has kept its listing plans under wraps since briefing analysts last month . It set an April 1 deadline for the sell-side analysts it briefed to complete their research notes . Glencore is not required to come back to the Hong Kong listing committee unless there are material changes to its situation . The next key step is the release of Glencore 's much-anticipated intention to float document in London , expected by some sources to follow on the heels of the Hong Kong stock exchange approval . The London leg of the IPO will take longer to complete . The sources declined to be identified as the IPO discussions were confidential . A Hong Kong exchange spokesman declined to comment . CORNERSTONE INVESTORS Glencore has met with several key potential investors from Asia to the United States to gauge interest for the IPO and the response has been positive , sources previously told Reuters . If it decides to proceed with the offer , Glencore will aim to launch the retail portion of a Hong Kong IPO in the third or fourth week of April , with a listing scheduled for early to mid May , sources said . Asia 's biggest sovereign wealth funds and some Hong Kong billionaires are seen as likely to invest in the IPO . Such so-called cornerstone investors are common to many large Asian IPOs and are assured a significant portion of the float . Cornerstone investors usually have a lock-in period of up to one year . They bring more credibility to the IPO , which in turn helps the underwriters to generate more demand for the offer . -LRB- Reporting by Fiona Lau and Denny Thomas ; Editing by Chris Lewis and Sophie Walker -RRB-
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