Commodities trading giant Glencore International AG plans to raise between $9 billion to $11 billion in an initial public offering in London and Hong Kong, according to a term sheet seen by Reuters on Thursday.

The London part of the offer should raise up to $8.8 billion, while the Hong Kong leg of the deal could raise up to $2.2 billion.

(Reporting by Elzio Barreto and Denny Thomas)