Arab Today, arab today xstrata to merge with glencore
Last Updated : GMT 11:29:33
Arab Today, arab today
Arab Today, arab today

Xstrata to merge with Glencore

Arab Today, arab today

Arab Today, arab today Xstrata to merge with Glencore

Washington - Upi

International mining giant Xstrata PLC said Tuesday it would merge with Glencore International AG, creating a company worth $90 billion. The deal, however, was on shaky ground, in part because it would merge a mining behemoth with a huge commodities trading firm that deals with grains, oil and metals, The Wall Street Journal reported, The proposed Glencore Xstrata International PLC, as the new company would be called, would have enormous influence on commodities markets. It would also generate about $200 billion in annual revenue. A possible strike against the deal is simply that little is known about Glencore, a company based in Switzerland that only went public six months ago. Xstrata shareholders may be hesitant to allow a merger with a firm that is relatively unknown. Xstrata shareholders were dealt into the deal with an offer of 2.8 Glencore shares for every Xstrata share they own, a premium of 8 percent over share prices before the public caught wind of the deal last week. But several Xstrata shareholders have already voiced reservations, saying the premium should be higher, given the point that Glencore shareholders will own a majority of the new company.  

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