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 traders have decided to sweeten the pot at the last moment in an attempt to salvage one of the biggest deals ever in the sector with miner Xstrata Plc. Earlier, the company had to deal with months of resistance from the sovereign wealth fund of Qatar as well as other investors. But the situation remained uncertain as to whether the improved offer would turn out well in spite of early enthusiasm in the market on Friday.