The $35 billion Xstrata-Glencore merger made more sense five years ago

A five-year effort to create the world’s fourth-largest mining company reached a new stage last month when Australia’s Xstrata asked its shareholders to approve a revised $35 billion merger with global trading behemoth Glencore.

But, if the deal goes forward, the new company will face a far different, far more challenging world than when it was conceived, Steve LeVine writes at Quartz.

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