As Glencore confirmed the final share price for it multi-billion dollar initial public offering, eyes are turning to Xstrata, the Zug-based mining company which is widely considered as a takeover target for the Swiss commodities firm.

Both Ivan Glasenberg, chief executive at Glencore, and Mick Davis, chief executive at Xstrata, have both previously broached the subject of a takeover publicly, but expectations of a deal were put on hold as Glencore set about its listing.