Glencore, Xstrata in $80 billion merger talks

Mining group Xstrata and commodities trader Glencore are in talks about an all-share deal that could create a combined group worth more than £50 billion ($79 billion).

The world’s largest diversified commodities trader already owns 34 per cent stake in Xstrata and a tie-up between the two Swiss-based businesses — potentially the biggest takeover to date in the industry — has long been expected as Glencore aims to add more mines to its trading clout.