Mining merger: Glencore to sweeten Xstrata offer
Glencore is expected to offer just over three new shares for every one in Xstrata to seal deal
After a weekend of intense negotiations - including Tony Blair's $1m payout for three hours' work on Friday morning - Glencore is expected to formally sweeten its offer to Xstrata shareholders to approve the mining merger. The company will offer just over three new shares for every one in Xstrata. Bloomberg reports Xstrata CEO Mick Davis and CFO Trevor Reid are ready to quit the firm if a deal is agreed. Glencore intends to keep Sir John Bond, chairman of Xstrata, as head of the merged entity.