Xstrata and Glencore agree terms

published 1 October 2012

The so-called merger of equals between commodities trader Glencore and mining titan Xtsrata is back on after the independent directors of the latter agreed to Glencore's terms.

Glencore increased its terms to a "take it or leave it" offer of 3.05 Glencore shares for every Xstrata share back in early September and after an extended period of umming and aahing, the independent directors of Xstrata have agreed to recommend that Xstrata shareholders accept the offer.

More to follow ...