Glencore and Xstrata have launched merger talks to create an $88bn commodities trading and mining giant with the financial muscle to sweep up some of its biggest rivals.
The all-share merger, which could be formally announced as soon as Tuesday, would upturn the global natural resources industry by combining the world’s largest trading house with one of the biggest miners.
The merger plan – codenamed “Everest” in a nod to a joint Himalayan expedition by the companies’ chairmen a few years ago – marks the culmination of a five-year push to combine the two companies by Ivan Glasenberg, the South African billionaire who runs Glencore.
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