The world's biggest commodity trader,Glencore has agreed to buy mining company ,Xstrata.Glencore already owned 34% of the Xstrata and ffers to buy the remaining for 66% for around 36 million dollars.Xstrara CEO says the deal is a logical next step for the two companies.The major extract share holders say they will vote against the deal because it undervalued the shares.If approved,the merger of the two Swiss companies would create a company with annual sales totally 194 billion dollars.

 

 

To the markets.The Dow Jones has closed 33 points higher.The NASDAQ gained two.The S&P 500 put on four and in London,the FETE shed two points.

 

 

Checking commodity prices.West Tax Crude is trading at 98us dollars and 48 cents a barrel.Tapis Crude 120 US dollars and 85 cents a barrel.

And gold at 748 us dollars an ounce.

 

 

The Australian dollars do very strong this morning is buying 1 dollar and7 us cents,81 Euro cents and 67 pence