Wednesday 12 September 2012

Glencore May Near Xstrata Deal Prize With Qatar Taking Back Seat - Bloomberg

Ivan Glasenberg, the billionaire chief executive officer of Glencore International Plc (GLEN), may be nearing a long-sought takeover of Xstrata Plc (XTA) as all sides signal a willingness to reach a deal that would be this year’s biggest merger, according to people familiar with the situation.
Xstrata is open to Glencore’s revised 22 billion-pound ($35 billion) offer, announced on Sept. 10, and may soon recommend its support to shareholders, the people said. The proposal would force Xstrata’s CEO Mick Davis to eventually depart. Davis and Glasenberg are friends and rivals whose relationship dates to the 1970s, when they met in South Africa, their home country.

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