Glencore, Xstrata Plan Merger Into $90B Mining Giant

Law360, New York (February 7, 2012, 1:25 PM EST) -- Commodities trader Glencore International PLC and mining company Xstrata PLC have popped the top on a long-contemplated, all-stock merger to create a $90 billion powerhouse featuring global mining, freight, storage and sales operations, the Swiss companies said Tuesday.

Glencore, which already owns 34 percent of Xstrata, will issue 2.8 new shares for each Xstrata share it doesn't already own in a deal that values Xstrata shares at 1,290.10 pence each — and values Xstrata's total share float at £39.1 billion ($62 billion), they said.

That price marks a...
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