The globe’s biggest listed commodities trader, Glencore International, and Anglo Swiss mining giant Xstrata, on Thursday announced they are in talks about a possible merger.

The mining group said that it was “not certain” whether the talks would “lead to an offer being made by Glencore for Xstrata.”

Glencore, which already owns a 35 percent stake in Xstrata, has made an all-share offer, Xstrata said in a published statement to the LSE.

It is believed that if negotiations prove successful, the merger could create a company worth an estimated $83bn.