Anglo-Swiss miner and coking coal producer
Xstrata Plc has announced that it has received a proposal from international commodities trader Glencore International PLC to amend the terms of the merger of Glencore and
Xstrata.
Xstrata said that any elements of the proposal remain subject to change and the proposal also remains subject to
Xstrata's board approval, emphasizing that this is not a firm offer.
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.
As SteelOrbis previously reported, in February this year the companies agreed on a merger deal that could create a company worth up to $80 billion.
Xstrata also postponed the general meeting of its shareholders which was planned to be held on Friday, September 7, to a date to be fixed and notified to shareholders.