Glasenberg (pictured) said all sides would benefit from the extra clout the pair would have on world markets.
However Standard Life, which has a 2.2 per cent holding in Xstrata, is one institutional investor to pour cold water on the proposal. Glasbenberg used Glencore’s 2011 preliminary results – showing a seven per cent rise in profit to $4.3bn – as evidence that the company was growing.
On the strength of those results the commodities giant announced a dividend of $0.10 a share in its maiden set of annual results as a public firm. That means a £69m windfall for Glasenberg, who owns 15 per cent of the company. The boss, who is on a salary of £900,000, said he would plough the dividend back into the company and had decided not to take a bonus for 2011.
The chief executive said: “My job is to convince the naysayers who do not understand Glencore.
“We have physical commodities. We are not a bunch of speculators sitting behind [computer] screens.
“The offer is based on a merger of equals. Shareholders do not usually receive a premium on such a deal.”
He added that Xstrata’s chief executive Mick Davis had been a “hard negotiator” who had achieved a premium for his shareholders.
Davis and Glasenberg will be going on a joint charm offensive to encourage investors to vote for the deal. Glencore, which already has a 34 per cent holding in Xstrata, floated on the London Stock Exchange last year.