Glencore's reported stockmarket flotation could value the group, the world's biggest commodities trader, at more than $30bn, analysts have said.

The Swiss-based group has declined to comment on claims in the Financial Times that it is exploring a stockmarket listing, 35 years after it was founded by Marc Rich, the controversial financier.

However, Liberum Capital said that applying sector multiples of metrics such as earnings before interest, tax depreciation and amortisation implied a valuation in the region of $30bn-40bn, including its debt.

Exit route

A figure of that size may suggest one reason why Glencore would seek to end its current status as a partnership, the City broker added.

"The partnership structure becomes unsustainable when such huge wealth is concentrated in such a narrow band of partners," Liberum said.

"When a generation that have built the business wants to leave in the next decade or so, where will the capital come from to buy them out of the partnership? New partners certainly can't afford to buy their equity."

Xstrata option

However, Unicredit suggested that a flotation would not be imminent, echoing an observation made by bankers in the FT report.

"While a public listing would improve the company's financial flexibility in raising external capital, we see no hurry for the company, especially at a time of less attractive multiples for commodity companies," Unicredit said.

Charles Kernot, an analyst at a third broker, Evolution, said that Glencore would be better off achieving a listing through a merger with Xstrata, the mining company of which it owns 35%, rather than going it alone.

"We believe that it would create too many public conflicts were Xstrata to remain a separately quoted associate in view of the trading links between the two organisations," Mr Kernot said.

"Much better for Glencore and Xstrata to merge, and thereby consolidate their position through cutting the overlaps that exist between the two groups."