Commodities trading giant Glencore (GLEN.L) and Xstrata (XTA.L) are digging in for days or even weeks of brinkmanship to try and save Glencore's $26 billion takeover deal after Qatar's state investment fund interrupted proceedings this week with a last-minute call for better terms.
Bankers involved in the transaction have already flown out to the oil-rich Gulf state as the companies roll up their sleeves for what one person familiar with the matter described as a "poker game".
The talks will pit Glencore's strong-willed chief executive Ivan Glasenberg against Qatar Holding's "iron man" Ahmad al-Sayed, who has built up a stake of nearly 11 percent in Xstrata since the Glencore deal was announced in February.
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