Top commodity trader Glencore's planned $12 billion London listing has long been seen as the first step to merging with Xstrata (XTA.L), in what could be the biggest mining takeover in history. The question for most analysts and investors since the IPO was confirmed on Thursday is not if the deal happens but when -- and how. Glencore, which is set to list next month, has made no secret of the fact that acquisition firepower is one of the main motivations behind its decision to go public after 37 years and it has no plans to abandon the opportunistic dealmaking that has made the company's fortunes. Already the world's largest diversified commodities trader, Glencore is eyeing up deals to boost its presence in the iron ore sector, as well as coal, ferroalloys, oil and agriculture -- potentially lucrative but still its smallest segment.
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