By Ben Simmons

Glencore International (LSE: GLEN, SEHK: 0805) have approached Xstrata (LSE: XTA, SIX: XTAN) proposing a historic merger.

The commodities giant, Glencore’s floatation in London in May 2011 was the capital’s largest ever initial public offering, making four Glencore executives billionaires overnight. And a merger with the Anglo-Swiss mining giant would create the world’s largest resources company.

Xstrata’s London headquarters were last year targeted by protestors after it emerged CEO Mick Davis was awarded some £18.5 million in pay and bonuses, highlighting the divisive excesses in the City’s boardroom.

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