Citigroup and Morgan Stanley have teamed up to run a $2.5 billion share placement for commodities group Glencore, four years after acting as joint global coordinators on the company’s $10 billion IPO.

Glencore on September 7 announced plans for the equity capital raising as well as other measures that the management team hopes will reduce its net debt to "the low $20s-billion" by the end of 2016.