Glencore is set to pay a larger premium than expected to seal its long-coveted merger with Xstrata, a move designed to defuse concerns among Xstrata investors about a cosy deal between the chief executives of the two companies.
Over the weekend they hammered out the terms of an agreement on an $88bn merger that would combine the world’s leading trading house with one of the biggest mining groups.
Under the agreement, which was still being finalised last night and is likely to be announced along with Xstrata’s annual results tomorrow, investors in the miner would receive 2.8 Glencore shares for every Xstrata share they hold.
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