Glencore merger talk is conjecture Xstrata's Davis

Dec 07, 2010 | 11:39 AM |

Suggestions that Xstrata Plc will pursue a merger with main shareholder Glencore International AG are just conjecture, according to Mick Davis, the company's chief executive officer.

Glencore owns a 34.4-percent stake in Xstrata, and a number of analysts have argued that both companies would derive value from a merger.

But Glencore has made no attempt to initiate merger talks with Xstrata, Davis told shareholders at the company's annual meeting Tuesday in London. "The reports you've seen in the newspapers have been based on a lot of conjecture, and I can assure you I've had no proposition from Glencore about a merger," he said. "What I can say is that the management team and investors....

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