News Summary: Xstrata board OKs Glencore merger
PAY DIRT: The board of Anglo-Swiss mining company Xstrata PLC is recommending shareholders accept merger terms with Swiss commodities trader Glencore PLC — a deal that would create an industry behemoth with revenues around $175 billion.
KING COAL: Xstrata is the world's biggest exporter of thermal coal and also produces copper, nickel and zinc. If the deal is approved by shareholders, it would create one of the world's largest natural resources companies.
RAW MATERIALS: Glencore, one of the world's biggest traders in raw materials such as coal, cotton and corn, went public with a $10 billion IPO last year.