From the RNS:
The Board of Xstrata plc (“Xstrata”) has received a proposal from Glencore International plc (“Glencore”) to amend the terms of the merger of Glencore and Xstrata.
This is not a firm offer. Any elements of the proposal remain subject to change and the proposal also remains subject to Xstrata plc Board approval.
The proposal envisages an increase to the merger ratio to 3.05 Glencore shares for every Xstrata share, changes to the proposed governance arrangements including Ivan Glasenberg to become CEO of the combined group and the ability for Glencore to structure the transaction as a takeover offer or as a scheme of arrangement of Xstrata.
In order that Xstrata Independent Directors and Xstrata Shareholders may consider the proposed amended terms, a resolution will be proposed at Xstrata’s Court Meeting and the New Xstrata General Meeting to adjourn the meetings to a date to be fixed and notified to Shareholders.
This announcement has not been made with the consent of Glencore. A further announcement will be made in due course.