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London - Commodities trader Glencore, which has agreed to a $37bn takeover of miner Xstrata, said on Monday the deal was a "logical" next step for the two businesses, but gave no hint it could sweeten its offer to win over reluctant investors.
The world's largest diversified commodities trader, which had released estimated 2011 earnings last month alongside news of the planned tie-up, confirmed those results, with net income up 7% to $4.06bn on a 28% rise in revenue.
It will pay a total dividend for the year of $0.15 per share.
Glencore is offering 2.8 new shares for every Xstrata share it does not already own - roughly 66% of the company. The offer is currently worth around 1,176 pence per Xstrata share, compared to Xstrata's closing price on Friday of just 1,196.5 pence.
The world's largest diversified commodities trader, which had released estimated 2011 earnings last month alongside news of the planned tie-up, confirmed those results, with net income up 7% to $4.06bn on a 28% rise in revenue.
It will pay a total dividend for the year of $0.15 per share.
Glencore is offering 2.8 new shares for every Xstrata share it does not already own - roughly 66% of the company. The offer is currently worth around 1,176 pence per Xstrata share, compared to Xstrata's closing price on Friday of just 1,196.5 pence.
