New Glencore board to decide on Xstrata merger: report

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Xstrata PLC
XTA.L
1,474.00p
+6.50+0.44%
04/15/2011
The Glencore logo is seen on a sign in front of Swiss commodities trader Glencore building in Baar near Zurich January 5, 2010. REUTERS/Christian Hartmann

ZURICH | Sat Apr 16, 2011 4:09am EDT

(Reuters) - Bringing Swiss miners Glencore GLEN.UL and Xstrata (XTA.L) together would add value but is not on the agenda at the moment, Glencore Chief Executive Ivan Glasenberg said in a newspaper interview on Saturday.

"A combination of the two companies would create value but is not under discussion today. Eventually, the new board will have to decide on this," Glasenberg told Swiss newspaper Finanz und Wirtschaft.

Top commodity trader Glencore is planning a $12 billion London listing next month and its IPO has long been seen as the first step to merging with Xstrata, in which it already holds a 34 percent stake.

Asked about possible interest in agricultural trading firm Louis Dreyfus, Glasenberg said the board would have to examine this option after the IPO but there were no plans at the moment.

Glasenberg also said all Glencore partners, including himself, would keep their shares and the group had no plans to move its headquarters away from Switzerland.

(Reporting by Silke Koltrowitz)