Glencore Executives’ $23 Billion Mother Lode Beats Wall Street
2011-05-19 16:33:13.352 GMT
By Christine Harper and Zijing Wu
May 19 (Bloomberg) -- Glencore International Plc’s initial public offering values the stakes of the company’s top six executives at $23 billion, surpassing wealth generated by some of Wall Street’s most storied firms.
In contrast to Glencore, a commodities trader based in Baar, Switzerland, the eight senior executives at Goldman Sachs Group Inc. held stakes worth a combined $1.26 billion at the time of that firm’s IPO in 1999, while Blackstone Group LP’s top seven executives held $11.9 billion worth of stock after selling shares worth $2.8 billion in their 2007 IPO, according to the New York-based firms’ prospectuses.
Glencore sold 1.14 billion shares, or about 16.4 percent of the company after the IPO, to the public and so-called cornerstone investors including Abu Dhabi’s Aabar Investments PJSC and BlackRock Inc. The company has an option to sell an additional 116.9 million shares to meet demand.
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