This Friday was a disappointing day for Swiss mining group Xstrata, since Glencore rejected its proposal for a takeover bid signaling that it was a very low amount, as per a recent report.

It has been found that the billionaire commodities tycoon Ivan Glasenberg decided to raise the bid amount at the very last moment so as to save the blockbluster merger. He wished he could take over mining giant Xstrata worth £50bn instead.

As per the findings, he took Qatar's, an Xstrata investor, stand against the merger as a chance to up the bidding amount to some 3.05 of the new group's shares. While previously it was 2.8 shares for every Xstrata share.

However, Glencore gave the reason that completion of the same would allow the merger become a commodities behemoth of some 69.8 billion euros value. But, Xstrata was concerned that Glencore is seeking to make its own CEO run the company and not it. Also, it said that Glencore is planning to amend management incentive arrangements representing huge risk to the Xstrata senior's retention as well.

Glencore said to the same, "Xstrata's reaction was perhaps not what Glencore had been hoping for: the new offer was significantly lower than would be expected in a takeover".