Glencore, the globe's largest commodity trader, said on Monday that the $37bn offer for Xstrata is a fair deal, and is a “logical” next step for the two companies.

There was no indication that it was willing to improve its offer to win over hesitant investors.

Last month Glencore released estimated 2011 earnings together with the news it is to go ahead with the Xstrata tie up. Glencore's net income was up 7 percent to $4.06bn.

The commodity trader is now offering 2.8 new shares for every Xstrata share it does not already own – an estimated 66 percent of the group.