This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-16850140

The article has changed 8 times. There is an RSS feed of changes available.

Version 0 Version 1
Xstrata and Glencore in merger talks Xstrata and Glencore in talks over 'merger of equals'
(about 1 hour later)
Mining giant Xstrata and commodities trader Glencore International have announced they are in talks over a possible merger.Mining giant Xstrata and commodities trader Glencore International have announced they are in talks over a possible merger.
In a statement, Xstrata said that it had been approached by Glencore regarding a "merger of equals". Xstrata shares jumped 11% as it said it had been approached by Glencore regarding a "merger of equals".
However, the firm added that there was no certainty that any offer would be made. Glencore shares rose 3.6% in London. The company has annual revenues of about $90bn (£56bn).
Earlier reports had suggested that a merger between the two would create a firm with a value of £52bn ($83.5bn). Earlier reports had suggested that a merger between the two would create a firm with a combined value of $80bn.
However, Xstrata - which has annual revenues of about $30bn - said in a statement that there was no certainty that any offer would be made.
Glencore now has until 1 March to make a formal offer under UK takeover rules.
BBC business editor Robert Peston summed up the deal as: "One trades, one digs, often in poorer countries."
Trading giant
The Financial Times reported that a deal could be announced as soon as next week, before Xstrata's annual results on Tuesday.
Glencore raised about £6.8bn in May last year when it floated its shares in London and Hong Kong.Glencore raised about £6.8bn in May last year when it floated its shares in London and Hong Kong.
The listing was London's largest initial public offering.
Glencore is the world's largest commodities trader, employing about 57,500 people across more than 40 countries. It made a profit of $3.3bn last year.
It trades metals and minerals, as well as energy and agricultural products, and has benefited from the recent growth in demand for commodities, especially from China.