Commodities trader Glencore, which has agreed to a $37bn takeover of miner Xstrata, said the deal was "fair" for all shareholders at current levels, brushing aside hopes of a hint the offer could be sweetened.
It made the comments as it said in its 2011 preliminary results that revenue during its first year as a listed company was $186bn – up 28 per cent on the previous year.
Net income was up seven per cent to $4.3bn.
"This is a merger of equals. Xstrata have got most of the senior jobs. Most previous mergers of equals were done at a ratio of equals - this deal... has been done at a premium," Chief Executive Ivan Glasenberg told Reuters.
"We believe it is a fair deal, fair to all shareholders."
Glencore, which will now begin roadshows to promote the deal to its own and to Xstrata investors, is offering 2.8 new shares for every Xstrata share it does not already own. Several key Xstrata shareholders have said they will not accept the deal at the current level.
Glasenberg said 2012 had started "very strongly" for Glencore's trading arm across all divisions, adding its key growth area of iron ore was looking "a lot stronger" in 2012.
Earlier trading in shares of Commodities trader Glencore International was suspended in Hong Kong, according to a filing to the Hong Kong exchange.
Glencore said in a statement that its shares were suspended pending the release of preliminary results for 2011 and price-sensitive information. No further details were immediately available.
The stock was down 2.26 per cent prior to the suspension.
City A.M. Reporter