Xstrata shares soar on news of $80bn Glencore merger

Glencore and Xstrata are in advanced talks about a $80bn merger that could reshape the mining industry.

The long-awaited merger would combine the forces of the world's largest commodities trading house with one of the biggest miners of thermal coal and copper. Bloomberg reports a deal could be announced as early as next week ahead of Xstrata's annual results on Tuesday, according to a person familiar with the discussions. "The companies are closer to a merger than [at] anytime in the last five years," the person with knowledge of the conversations said. "Nothing is firm, however," the person added. This morning Xstrata confirmed it had received an approach from and was in discussions...