Glencore in talks to acquire ENRC

Glencore was yesterday said to be considering a £12bn takeover of ENRC, the mining group reeling from a boardroom bust-up.

The deal would make Glencore one of the world's biggest mining operators. The talks come only weeks after Glencore, the commodities trading giant, listed its shares in London's biggest initial public offering.

Glencore's chief executive, Ivan Glasenberg, is said to have discussed a deal with the billionaires who presently control 45 per cent of ENRC's shares.