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| Xstrata board backs Glencore merger | Xstrata board backs Glencore merger |
| (35 minutes later) | |
| The board of mining group Xstrata has recommended that shareholders back the merger terms offered by commodities trader Glencore. | The board of mining group Xstrata has recommended that shareholders back the merger terms offered by commodities trader Glencore. |
| Shareholders will now vote on whether to accept the offer of 3.05 Glencore shares for every Xstrata share. | Shareholders will now vote on whether to accept the offer of 3.05 Glencore shares for every Xstrata share. |
| Glencore had raised its offer after its first bid was opposed by key Xstrata shareholders, including Qatar Holding, the Gulf state's sovereign wealth fund. | |
| A merger would form one of the world's biggest metals and commodities firms. | A merger would form one of the world's biggest metals and commodities firms. |
| "The strategic rationale for combining Xstrata and Glencore remains highly compelling," said Xstrata's chief executive Mick Davis. | |
| "A merger will fuse the respective strengths of the two companies into a unique natural resources company. It will also resolve Xstrata's ownership structure in a way that I believe will create a superior shareholder value as part of a larger, more diverse company with an enhanced ability to grow and create value for its owners." | |
| When Glencore had made its original offer of 2.8 Glencore shares for every one Xstrata share in February, Qatar Holding, which owns a 12% holding in Xstrata, had said that it wanted an offer of 3.25 shares. |