Summary Box: Xstrata confirms Glencore approach (AP)

DEAL OR NO DEAL? Mining company Xstrata PLC confirmed that it is in merger TALKS with commodities trader Glencore International PLC. a deal that would create an industry behemoth with around $175 billion in revenue. Xstrata said Glencore proposed an all-share merger of equals. Glencore cautioned that there was no certainty of an offer being made.

ALREADY CLOSE: Glencore already holds 34 percent of Xstrata and has until March 1 to make a firm offer. Background discussions have been going on for years.

HISTORY LESSON: Xstrata was formed in 2002 when it bought Glencore's coal assets. The company mines metals in the Americas, Spain, Australia and South Africa.

Source: http://us.rd.yahoo.com/dailynews/rss/britain/*http%3A//news.yahoo.com/s/ap/20120202/ap_on_bi_ge/eu_britain_xstrata_glencore_summary_box

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