Glencore and Xstrata in US $90bn merger
Tuesday 7th February 2012
A mega-merger is to take place between mining firm Xstrata and commodity trader Glencore.
The combined value of the new business will be a massive US $90billion.
The two firms called the deal a "merger of equals" and the new business will be called "Glencore Xstrata International PLC".
Glencore, which floated on the stock exchange in May last year in a record share offering in London, buys and sells metals, crops and fuels in the financial market and invests in mining companies.
Xstrata owns large reserves of coal, copper and nickel in Africa, South America and central Asia.
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