The company was due to make its recommendation today but successfully obtained an extension from the UK Takeover Panel until next Monday.

“The extension was requested to enable Xstrata’s independent non-executive directors to take full account of feedback from consultation with key Xstrata shareholders,” the company said.

Glencore is offering 3.05 shares for every one Xstrata share held and has said that would be its final offer.

In its initial comments earlier this month, Xstrata’s independent directors noted that the offer premium was low for a takeover bid but Glencore insisted the offer would still be structured as a scheme of arrangement.

The main sticking point for Xstrata with the new offer seemed to be the fact that its chief executive officer, Mick Davis, would no longer be CEO of the new entity, as envisaged in the original deal announced in February.

To sweeten the deal slightly for Xstrata shareholders, Glencore said Davis would be CEO for the first six months of the new company’s life but would then step aside to allow Glencore CEO Ivan Glasenberg to take the top job.

Fairfax analyst John Meyer wrote in a note that the retention of Xstrata staff and managers was critical to the future success of the combined business.

“We also see that the Xstrata management structure, managers and culture is better for the management of the Glencore mines on a longer term basis,” he said.

Xstrata’s 11.7% shareholder Qatar Holding, which pushed for the increased offer, is yet to make a formal recommendation and said it would only do so after giving careful consideration to the implications of the proposed management changes, the other elements of the proposal and the views of Xstrata's board.

Another shareholder, asset manager Knight Vinke, called for the Xstrata directors to invite third party bids in a letter published in the Financial Times on September 14.

This article first appeared in ILN's sister publication MiningNews.net.