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Publish Date : 11-Sep-2012

Glencore hammered out a revised USUS$36 billion bid for miner Xstrata in intense weekend negotiations and is set to detail its new offer to the market as early as Monday, days after proposing 11th-hour changes to save the deal.

Sources familiar with the deal said commodities trader Glencore, keen to clarify its own position but also under pressure from Xstrata and UK regulators, would publish details of the higher offer imminently. Two sources said the new, firm, offer - with some concessions to win over recalcitrant Xstrata shareholders was expected on Monday.

The firm offer will be studied by Xstrata\'s board and non-executive directors, who on Friday questioned Glencore\'s new proposal and said they required more details in order to decide on whether or not to recommend it. The Xstrata board will also discuss the proposal with top independent shareholders, one other source familiar with the deal said.

Glencore, the world\'s largest diversified commodities trader and Xstrata\'s largest shareholder with a stake of 34 per cent, made a long-awaited takeover bid for the miner in February. But the offer ran into trouble in recent months and was expected to fail as shareholders prepared to vote on Friday, after number two shareholder Qatar and other investors opposed the terms of the deal, while Glencore refused to yield.

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