Glencore's chief executive, Ivan Glasenberg, has revealed that Glencore would be willing to walk away from acquiring mining company Xstrata.

Glasenberg said that the deal was not a "must-do deal", after demands to raise the £30 billion offer for the company.

"If it takes another year, another two years or even another five years we can revisit the deal whenever. In the meantime, no one else can do anything while we hold our 35 per cent stake in Xstrata," said Glasenberg.