<p>
The listing -- which could be the largest to date in London and one of the largest in Europe -- will force the Swiss-based firm to shed its once-fabled secrecy and open up its huge and successful mining and trading operations to increased scrutiny.</p>
                <p>
It will also create massive paper wealth, dissolving the group's partnership structure and handing the 485 employees who own the group millions of dollars on average in shares -- though all are expected to be locked in for at least a year, with top management unable to sell for five years.</p>
                <p>
Glencore is expected to list roughly a 20 percent stake, which, along with short lock-ups on some of the existing shares, would give it the free float necessary to secure a spot in London's top share index.</p>
                <p>
Sources familiar with the matter have said Glencore and its advisors are working to issue the ITF document in London around mid-April -- this week -- though that could still be delayed.</p>
                <p>
ITFs, which are not a legal requirement, vary from brief statements setting out little more than a company's sketched plan to list at some stage to hefty documents listing details on timing, finances and management.</p>
                <p>
Glencore is expected to provide extensive detail, including the name of its new chairman. The Sunday Times named Simon Murray, a Hong Kong businessman and former French foreign legionnaire, as a frontrunner among three candidates.</p>
                <p>
Murray, currently chairman of Asian private equity firm GEMS, could not be reached for comment on Sunday.</p>
                <p>
Glencore, which has kept its plans under wraps since briefing analysts more than a month ago, has consistently declined to comment on the timeline of any IPO. The firm also declined to comment on Sunday on the search for a chairman.</p>
                <p>
"MUST OWN" IN TURBULENT MARKETS?</p>
                <p>
Sources familiar with the situation have said the firm, valued by one analyst at about $60 billion, has held "positive" talks with investors in recent weeks, and these are expected to have included discussions with potential "cornerstone" investors for the Hong Kong portion of the listing.</p>
                <p>
Citi (C.N), Morgan Stanley (MS.N) and Credit Suisse (CSGN.VX) are likely to serve as joint global co-ordinators, with Bank of America Merrill Lynch (BAC.N) and BNP Paribas (BNPP.PA) as bookrunners. Barclays Capital (BARC.L), Societe Generale (SOGN.PA) and UBS (UBSN.VX) are likely to make up a third tier of banks advising on the IPO, according to sources familiar with the matter.</p>
                <p>
Markets, however, remain tough.</p>
                <p>
Although equities markets have rebounded since a spike in volatility last month on fears of a nuclear crisis in Japan and unrest in the Arab world, bankers say investor willingness to back IPOs in general remains limited.</p>
                <p>
"The tail risks are still quite elevated with concerns over the Middle East, the oil price, the Portuguese bailout, aftershocks in Japan," said one. "The market is very jumpy."</p>
                <p>
A string of companies have pressed ahead with plans for new listings, but are finding that with a glut of issuers competing for attention in a still-uncertain market buyers can afford to be demanding on what price they are willing to pay.</p>
                <p>
Technology company Edwards scrapped its listing on Friday, the largest European float due last week, after a group of other companies bowed to market pressure and sold shares at the lower end of their planned price ranges.</p>
                <p>
But people close to the Glencore mega-deal, are confident it will not fall foul of the same problems.
</p><p>

"It falls into the 'must own' category," said one source close to the deal. "It is appealing to a much broader base of investors and is going to go straight into major indices."
</p><p>

If, as expected, Glencore proceeds with the listing, it would likely be making its debut around mid-May.
</p><p>

Glencore, planning a dual listing in London and Hong Kong, has received listing approval from the Hong Kong exchange. It has not said how it would split the IPO.
</p><p>

(Additional reporting by Quentin Webb; Editing by Sitaraman Shankar and Jon Loades-Carter)</p>
            