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Who's who in the $90b mega-merger

February 9, 2012 12:40
Mick Davis

By

Simon Round,

Simon Round

1 min read

This week mining company Xstrata and commodity traders Glencore announced what has been described as a mega-merger, worth in the region of $90 billion.

The two companies may have a new relationship but the respective bosses go back a long way.

Mick Davis, the chief executive of Xstrata and his counterpart, Ivan Glasenberg, both South African Jews, originally met at the University of Witwatersrand, when they were much younger and several billion pounds poorer.

It was a relationship that endured over the years. It is thought that Mr Glasenberg recommended Mr Davis for his role as chief executive of Xstrata (Glencore held 34 per cent of Xstrata shares) and that the two met for a quiet dinner in London last December to cement their relationship into a business marriage.