Xstrata mulls new merger proposal

Commodities trader Glencore today insisted its increased offer for Xstrata marked a “substantial premium” for the miner as it confirmed last-ditch revised proposals to salvage the €62bn deal.

Glencore said it would offer 3.05 shares for every Xstrata share, a 9% hike on its previous bid of 2.8 shares, after one of its target’s biggest investors - the Qatar sovereign wealth fund – refused to back the deal.