Raw materials giant Glencore and mining firm Xstrata announced a vast merger on Tuesday, creating a $90 billion (69 billion euro) group and a new powerhouse in the global commodities industry.
This file photo shows Glencore headquarters in Baar, Switzerland. The Swiss-based commodities trader announced it has reached agreement with Swiss mining group Xstrata on a merger that would create a global group worth $90 billion.
The bid by Glencore, uniting the two Swiss groups as Glencore Xstrata International, will give birth to a company with revenues of $209.4 billion (159.3 billion euros) and put it among the world's top mining groups, behind BHP Billiton, Vale and Rio Tinto.
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About the author
- Writer: AFP News agency
- Position: Agence France-Presse
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