Glencore mega-merger 'bad timing for Xstrata' RBC said that while the logic for the deal was sound, this was a "low-ball" ratio. Upping this ratio to 3.2, a significant increase which would imply a valuation per Xstrata share of up to £14, sounded "reasonable." Mick Davis, Xstrata's chief executive, has argued that the planned deal was the best he could get for his shareholders, "taking into account what was in the universe of the possible." Glencore already owns 34pc of Xstrata, so a rival offer is unlikely. The two companies declined to comment.