The company has now agreed to pay 3.05 new shares for each Xstrata share not already owned by the company, earlier offer stood at 2.8.
According to Glencore, the all-share merger ratio will not be increased further and the proposal is subject to the agreement of the Xstrata board.
If the deal is completed, Xstrata chairman Mick Davis will become the chief executive officer and executive director of the combined group, but would step down within 6 months.
Glencore CEO Ivan Glasenberg will be appointed the chief executive officer of the combined group after that period.
Earlier, Qatar’s sovereign wealth fund had demanded a 3.25 percentage offer against Glencore’s 2.8%, that led to a stalement.
