STANDARD Life Investments (SLI) is backing a revised offer by commodities trader Glencore International to buy miner Xstrata in a multibillion-pound deal.
To keep the agreement alive, Glencore upped its bid to 3.05 shares for every Xstrata share, a rise on the 2.8 shares originally stated.
That came after the Qatar sovereign wealth fund, a major investor in Xstrata, refused to back the initial terms. Other amendments involve Glencore boss Ivan Glasenberg remaining as chief executive whereas previously he planned to let Xstrata boss Mick Davis lead the enlarged business.
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