Glencore increases Xstrata merger offer
Sep 07, 2012 | 06:04 AM
| Claire Hack
Tags
Glencore International,
Xstrata,
merger,
share ratio,
Sir John Bond,
Ivan Glasenberg,
Mick Davis,
claire hack
LONDON — Glencore International Plc has increased its all-share merger offer for Xstrata Plc to 3.05 of its shares for every share in the diversified miner, and also has called for Ivan Glasenberg to be chief executive officer of the combined entity.
The move represents a U-turn for the company, which had been adamant that its previous offer of 2.8 shares was fair, and even generous.
The call for Glencore’s chief executive officer to lead the combined company instead of Xstrata chief executive Mick Davis also was a new twist, which shareholders and the market are assimilating. ....
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