With both sides refusing to reveal their hand, the only sensible view is that the outcome will not become clear until September

"The suspense is terrible – I hope it will last," said Oscar Wilde. In the case of the great Glencore/Xstrata merger, it might, all the way to September 7. That is the date Xstrata set for its reconvened shareholder meeting to consider the all-share offer from Ivan Glasenberg's trading house.

The merger terms have not changed, said the announcement. But they must, by September, if the deal i

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