Glencore, Xstrata Confirm Talks On Potential $80B Buy

Law360, New York (February 2, 2012, 7:01 PM EST) -- Commodities trader Glencore International PLC and mining giant Xstrata PLC on Thursday confirmed that they were in talks on a merger that could be valued at up to $80 billion, with Glencore facing a March 1 deadline to make a firm offer.

Glencore, which already owns 34 percent of Xstrata, and the miner have reportedly had off-and-on talks about a merger for several years. The trader, which went public in May, has been looking to add mines to its existing commodities trading operations.

But the two...
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