Xstrata and Glencore boards meet The boards of Xstrata and Glencore are meeting on Thursday as the two companies debate the final details of their planned $80bn merger, suggesting the long-running merger saga is edging towards its conclusion. People familiar with the conversations said the board of Xstrata could recommend Glencore's offer of 3.05 shares of the commodities trading house for each of the miner, with an announcement coming as soon as Friday. But the UK Takeover Panel gave the miner a deadline of 7am London time on Monday to make a formal announcement and Xstrata may choose to use the full time available, the people said. The board of Glencore is also scheduled to meet on Thursday evening to discuss the latest developments, according to people familiar with the talks. The meeting of both sides" boards suggests that the companies are nearing a deal. Earlier this month Ivan Glasenberg, Glencore's chief executive, made a last-ditch attempt to save the merger, increasing its offer from 2.8 shares to 3.05 shares, but asking that he becomes chief executive of the combined company in six months. Xstrata's independent directors have been discussing with top shareholders in the mining company Glencore's new offer and what, if any, changes the miner needs to introduce in a controversial retention package for its executives. The talks have also included the Qatari sovereign wealth fund that is the miner's biggest independent shareholder, which can block the deal with its 12 per cent stake. The Xstrata independent directors already met last Friday to discuss the initial reaction from shareholders and hear from Mr Glasenberg about his plans for the company. Xstrata's board is likely to make small changes to the retention packages proposed for the miner's senior staff and operational management, people familiar with the conversations said. With Mick Davis, chief executive, set to cede the chief executive role to Mr Glasenberg, his £29m package would no longer form part of the arrangements, they added, nor would other employees" payments accelerate on his departure, as previously intended. The performance criteria in the pay packages are likely to be similar to those added in June, after outcry from shareholders forced Xstrata's board to introduce thresholds based on cost savings to the payment proposals. Glencore's revised offer for Xstrata received a mostly warm reception from the miner's shareholders with several top-20 investors pointing to "broad-based" support for the last-ditch compromise to save the $80bn merger. But shareholders are still awaiting Xstrata's final word about the retention package. "It feels like this is going in the right direction," said one top-25 shareholder earlier this month. Glencore and Xstrata declined to comment.