The board of mining company Xstrata Plc is said to be close to approving Glencore International Plc’s offer, according to a source familiar with the situation. The decision on the £36 billion Glencore International Plc’s offer, which values one Xstrata Plc’s share at 3.05 Glencore’s share, is to be announced on Wednesday, September 19, as the Xstrata Plc’s board, chaired by Sir John Bond, has a meeting scheduled for the day. However one banking official stated that it was possible that Xstrata Plc would request an extension of the deadline.
Glencore International Plc‘s $34 billion takeover bid for miner Xstrata Plc is back on after the commodities trader decided to adjourn a shareholder meeting which had been expected to vote on the deal. The decision about postponing the meeting is said to be a sign that Glencore considers a change in its offer. Analysts are convinced that Glencore will increase its bid.