Glencore sweetens revised offer for Xstrata with role for Davis COMMODITIES trader Glencore has insisted that it will not improve the terms of its $36 billion (£22.5bn) all-share approach for Xstrata, but has proposed that the mining giant's chief executive, Mick Davis, could take the helm of the combined group for up to six months. Davis, who has held the top job at Xstrata since 2001, had previously been lined up to keep his seat at the merged entity, but last week Glencore said its chief executive, Ivan Glasenberg, would be in charge as the firm sweetened its offer. Glencore had been offering 2.8 new shares for each Xstrata share held, but raised that to 3.05 shares on Friday after one of its target's largest shareholders - the Qatar sovereign wealth fund - refused to back the deal. The commodities trader, which owns 34 per cent of Xstrata, said yesterday: "Glencore confirms that it is an all-share merger and it will not increase the merger ratio further." The group also said it was "content" with Xstrata's request for its management and senior employees to receive retention and incentive packages, which have been reported to be worth £173 million for 70 staff. However, it changed its stance over the post of chief executive by proposing that Davis would become boss when the merger takes effect, before giving way to Glasenberg within six months. Xstrata said its non-executive directors will consider the proposals and consult with major shareholders being responding. The Takeover Panel has set a deadline of 24 September for the directors to announce whether they will put the plans to a shareholder vote. Jonathan Jackson, head of equities at Killik & Co, said the merger will continue to be structured as a "scheme of arrangement," needing 75 per cent approval from investors.