On September 21, international commodities trader Glencore International plc (Glencore) and Anglo-Swiss miner and coking coal producer Xstrata plc (Xstrata) jointly requested an extension for Xstrata directors to decide whether to accept Glencore's revised merger proposal.
A one week extension has been granted and Xstrata will now announce its decision regarding merger on October 1, 2012.
As SteelOrbis previously reported, in early September, Glencore increased the merger ratio; it now offers 3.05 Glencore shares for every Xstrata share, up from the previously offered 2.8 Glencore shares.