video transcript

Glencore says its improved 36 billion dollar offer for Anglo Swiss miner Xstrata is final. The commodities giant has offered 3.05 of its shares for each Xstrata one, after a 2.8 offer was rejected. But it's still less than key Xstrata shareholder Qatar Holdings, with its 12 per cent stake, wants. If the merger goes ahead, it will be Glencore's CEO Ivan Glasenberg who'll head up the combined group - not Xstrata's Mick Davis as previously planned. Glencore denies that turns a merger proposal into a takeover bid. But Rupert Nathan, a mining analyst at Fat Prophets, isn't convinced. SOUNDBITE: Rupert Nathan, analyst, saying (English): "That's what they have suggested right from the very beginning that this is a merger of equals We have contended however that this really is not the case. Whilst in financial terms Xstrata are bringing far more to the party, there is no doubt as to who's in the driving seat and that's Glasenberg and Glencore." Mega mining mergers of this sort are rare. If the deal falls over and Xstrata's share price falls, it's rumoured Qatar could take a bigger stake. SOUNDBITE: Rupert Nathan, analyst, saying (English): "Many have suggested Xstrata's share price could come tumbling away - one possibility has been rumoured that the Qataris were willing to buy up to 25 per cent of Xstrata in those circumstances. Now surely to Mr Glasenberg that would be a nightmare scenario." Other analysts say the Xstrata board will in fact find the new offer hard to refuse. They'll make their decision known by September 24th. Edward Baran, Reuters