With investment banks lined up for slots on the biggest M&A deal of the year and the third biggest float ever, one firm is conspicuous by its absence. Usually at the front of the queue for the juiciest deals, Goldman Sachs will be missing out on the estimated $500m fee pool.

According to reports this morning, commodity trader Glencore has selected eight banks to coordinate and underwrite its London initial public offering, where it will aim to raise between $10bn and $12bn by selling a 20% stake, valuing the company at $50bn to $60bn.