Commodities trader Glencore has laid out its revised $36 billion all-share bid for miner Xstrata today.
It has raised its offer as expected but warned it would not improve the terms further.
Glencore, the miner's largest shareholder, confirmed its offer was now 3.05 new shares for every Xstrata share held, up from 2.8.
The deal provides for Glencore's own chief executive, Ivan Glasenberg, to take the helm of the combined group, again as expected, but only after an interim period under Xstrata's Mick Davis.
"Glencore confirms that it is an all-share merger, and it will not increase the merger ratio further," Glencore said
"The increased merger ratio represents a substantial premium for a company with a 34% shareholder."