Glencore down 5% after Xstrata raised

Commodities giant Glencore remained at the bottom of London’s leading shares index today after it raised its offer for Xstrata to keep hopes of a £56bn mega-merger alive.

Glencore fell 5% after it upped its bid to 3.05 shares for every Xstrata share, 9% higher than its previous offer of 2.8 shares, which met opposition from investors.