LONDON (Reuters) - European trader Glencore International is studying a merger with Xstrata to create a mining and trading group worth 55 billion pounds ($84.5 billion), a source close to the deal said.
"Glencore is working on a potential merger with XSTRATA (XTA.LO) and both sides have hired banks as advisers," the source told Reuters, adding that a deal was not imminent and would probably be "months away."
The Sunday Times reported that Glencore's advisers were discussing the details of a two-stage proposal to the Xstrata board that would see Glencore, which owns 34.4 percent of Xstrata, list in London via a reverse takeover.
It added that Glencore would then have to immediately sell down its stake in the enlarged group through a share placing, ensuring that its stake in the enlarged company did not exceed 40 percent -- something it said Xstrata has pushed for.
Xstrata management would retain control of the combined company, the Telegraph said.
Xstrata was valued at 33.4 bln stg as of Friday close.
Both companies were unavailable for comment when approached by Reuters.
(Reporting by Rhys Jones and Quentin Webb; Editing by Mike Nesbit)
($1=.6510 pounds)
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