Glencore shares tumble

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Although the final terms of the $88bn (£56bn) tie-up could still change, it is thought that the two parties are close to agreeing a deal that would put a greater relative value on Xstrata than shareholders had expected.

The agreement, which will be announced with Xstrata's annual results tomorrow, is expected to see investors in the miner receiving about 2.8 Glencore share for each of their Xstrata shares.

This would represent an 8% premium over Xstrata's closing share price on Wednesday night, before news of the deal leaked out.

A deal between Glencore, the world's biggest commodities trader, and Xstrata would create the fourth biggest mining group in the world, behind BHP Billiton, Rio Tinto and Brazil's Vale.

Mick Davis, the South African-born head of Xstrata, would become chief executive of the combined group; Ivan Glasenberg, Glencore's billionaire head and also a South African, would be his deputy.