Glencore has made a last ditch proposal to save its $80bn combination with London listed Xstrata, improving its offer for the miner’s shares, after the involvement of Tony Blair, the former UK prime minister.
Glencore, which has adjourned a meeting to vote on a tie-up, has raised the merger ratio from 2.8 of its shares for every Xstrata share to 3.05 shares and proposed that Ivan Glasenberg, the chief executive of the trader, lead the enlarged group.
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