Glencore puts its cards on the table

Glencore International, the world's largest publicly traded commodities supplier, says its merger offer to swap each share of Xstrata that it does not already own for 3.05 Glencore shares will not be raised further.

It also says Mick Davis, the current boss of Xstrata - a global metals miner - will become the chief executive of the combined group for up to only six months. After he steps down, he will be succeeded by Glencore chief executive Ivan Glasenberg.

via Business feed http://www.scmp.com/business/commodities/article/1033732/glencore-puts-its-cards-table