Analysts have been poring over the mathematics of the proposed all-share merger between Glencore and Xstrata, announced on February 7th, trying to work out which side has the better of the deal. Is one share of Xstrata, a mining company based in Switzerland but listed in London, a fair swap for 2.8 of its Swiss neighbour, Glencore, a miner and by far the world's biggest commodities trader? Mick Davis, Xstrata's boss, proposed a different equation for investors to ponder. "One plus one...equals n," was his summary of the merger's merits.
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