Glencore and Xstrata confirm $90bn merger

Guardian – Mining group Xstrata and commodities trader Glencore have confirmed plans for a $90bn (£57bn) merger that will create a dominant new force in the global resources industry. The proposed share-based deal will offer Xstrata shareholders 2.8 new shares in Glencore. Despite being described as a “merger of equals”, the deal values Xstrata at £39.1bn, a premium of almost 28% to its average price for the three months prior to the bid approach. Glencore already holds a 34% stake in Xstrata. Read Article

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