Multibillion-pound plans for the creation of a new natural resources powerhouse were revived today under a last-ditch deal.

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.

Commodities giant Glencore has been valued at more than £36bn (€41bn) after dealings in London’s biggest stock market listing got under way today.

The chief executive of commodities trading giant Glencore will own a stake in the firm worth around £6bn (€6.7bn) when it launches on the Stock Exchange this month.