Copper Fox Metals Inc.

Good news for us anytime someone thinks a mining deal is not sufficient:

Plans for a $90bn (£57bn) merger between Xstrata and commodities trader Glencore have been dealt a major blow after two of the mining group's largest independent shareholders insisted the terms "clearly undervalued" Xstrata.

Standard Life, which holds 63.6m shares in Xstrata, or 1.92%, has issued a statement insisting it will oppose the combination on the terms proposed by the mining group's chief executive Mick Davis and Glencore.

"Although we see some merit in the merger of Xstrata and Glencore the proposed exchange ratio clearly undervalues Xstrata's assets and future earnings contribution," said David Cumming, head of equities at the fund manager.

"Consequently it is our intention to vote against the deal unless the merger terms for Xstrata shareholders are materially improved."--Guardian UK