CNBC reported Xstrata PLC (LSE:XTA) board recommends a merger with Glencore (LSE:GLEN), which could create an industry behemoth.
As quoted in the market news:
Xstrata said in a statement it was supporting the offer of 3.05 Glencore shares for each Xstrata share. The deal values Xstrata at 31.9 billion pounds ($51.5 billion) on the shares’ closing price Friday. Glencore has a market capitalization of 23.5 billion pounds, according to data provider FactSet.