Last updated: February 16. 2013 10:35PM - 87 Views

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(AP) Commodities trader Glencore is holding last-minute talks with leading shareholder Qatar Holding to salvage a proposed $80 billion merger between the Swiss-based company and Xstrata, the giant mining company.


Glencore International PLC on Friday adjourned a shareholder meeting that had been scheduled to approve the merger after its chairman reportedly told investors that there had been some developments overnight.


The company has been trying to persuade investors of the merits of merging with Xstrata, an all-shares deal that would involve Xstrata investors swapping each of their shares for 2.8 newly issued Glencore shares.


Glencore, the world's largest publicly traded supplier of raw materials such as oil, copper and wheat, had said earlier that it would rather walk away from its proposed merger with rival Xstrata than overpay.


Associated Press
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