Glencore opens the black box

As the chiefs of Glencore and Xstrata take to the road to address institutional investor concerns, there are other complicating factors slowing down the deal.

Glencore’s Ivan Glasenberg is going to embark on a global roadshow with Xstrata’s Mick Davis in April in an attempt to explain his group’s opaque business model to sceptical Xstrata shareholders.

Glencore is still experiencing resistance from Xstrata’s institutional shareholders to the agreed ‘merger of equals’ it announced with Xstrata last month, even though there is a takeover premium built into the terms of the share swap.

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