He said he doesn't care how the companies come together as long as they do (he owns $40-million of Glencore convertible bonds). People close to Xstrata say Xstrata is a believer in merging the companies but would prefer a two-stage process: a Glencore IPO to give a proper market value to Glencore shares, followed by an offer for the Xstrata shares it does not already own.