Glencore boosted by M&A chatter

Glencore shares rocketed at the start of trading on reports of healthy interest in its agricultural business.

Singapore´s sovereign wealth fund, Japanese trading house Mitsui&Co. and a Canadian pension fund were among the parties who had expressed an interest in the unit, Bloomberg reported.

Last year, the unit generated $25.8bn in sales and some analysts believe it could fetch about $10.5bn if sold.

Bolstering the stock further, the Sunday Telegraph reported that Glencore would listen to offers for a takeover of the entire company but its management does not believe there are any buyers willing to pay a fair value for the business in the current market.

In a statement to the Hong Kong Stock Exchange, the company said it was not aware of any reasons for the price and volume movements in it shares or of any information which must be announced to avoid a false market in the company's securities or of any inside information that needs to be disclosed.

Shares in Glencore finished the Hong Kong session 17.94% higher at 12.62HKD.

As of 08:07BST stock in the troubled commodities trader was changing hands 12.74% up to 107.1p in London trading.