Mick Davis, CEO, Xstrata

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Glencore said to be near deal with Xstrata

[miningmx.com] -- GLENCORE International is nearing an agreement to combine with Xstrata in a deal that may value the combined entity at $82.46bn, Bloomberg said, citing two people with knowledge of the plan.

The two commodities-focused companies may announce a deal as early as this week, the people told the news agency. The deal value excludes the value of Glencore's 34 percent stake in Xstrata, the report said.

The talks between Xstrata and Glencore are ongoing and a deal could still fall apart, one of the people told the news agency.

Glencore spokesman Simon Buerk had no comment on the Bloomberg report when contacted by Reuters.

Xstrata declined to comment to Bloomberg. The company could not immediately be reached for comment by Reuters outside regular business hours.