Deals
Glencore, Xstrata Seal Deal in 2 Months After Years of Talks
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Glencore International Plc’s planned $39 billion takeover of Xstrata Plc, a combination years in the making, came together in just two months after a pivotal dinner in London last year between Xstrata Chief Executive Officer Mick Davis and Glencore’s Ivan Glasenberg.
The two executives met at a hotel in London’s West End in early December to iron out the basis for talks that would fuse their enterprises, according to people familiar with the matter, who declined to be identified because the talks were private. After reaching an agreement, they then brought in 18 advisers from half a dozen banks to hammer out the details of the all-share “merger of equals” announced yesterday.