Schroders' Richard Buxton has said he is still "not enthused" by Glencore's revised offer for Xstrata as the miner requests clarification over the latest twist in the takeover.
Glencore this morning proposed to increase its offer to 3.05 shares for every Xstrata share, up from an original ratio of 2.88, with CEO Ivan Glasenberg now slated to head the merged entity rather than Xstrata chief Mick Davis. Xstrata has now called on Glencore to clarify its intentions, saying the new proposal "lacks sufficient information on key elements" and labelling the offer premium "significantly lower than would be expected in a takeover". The proposed 3.05 ratio represents a premium of 17.6% to the Xstrata share price on 1 February 2012 and 22.2% to the closing price on 6 Se...
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