Shareholders in Anglo American and Xstrata are now fixated on one issue: whether Xstrata abandons its “merger of equals” approach and makes a premium offer for Anglo, the rival miner it has stalked for three months.

Mick Davis, the chief executive of Xstrata, has until October 20 to reveal whether he offers a share or cash premium for Anglo, formalises a nil-premium offer or walks away for six months.