Glencore, bent on securing enough support from Xstrata shareholders, has taken an offensive stance on its quest to push through with the highly touted 'merger of equals' worth $US36 billion amidst spirited opposition from investors of the target firm.

Glencore executives, according to Reuters, were literally trotting the globe to court at least 75 per cent of shareholders that will stamp their mark approval on the deal, which a number of Xstrata investors so far deemed as unattractive.

The news agency added that some 25 per cent of Xstrata shares were presently in the hands of small shareholders, a lot that analysts said would be hard to sway but Glencore needs to win on its side.

Or at least more than half of these normally independent-minded investors, for Glencore to ensure that those opposing the deal would be able to muster the 16.6 per cent required in scuttling the merger plan.

So far, all possible sweetening have been thrown in, analysts said, to raise the chance that the merger would be realised as soon as possible, with Glencore chief executive Ivan Glasenberg affirming the 2.8 share offer for every Xstrata counterpart.

Those shares represent a very successful commodities trading firm, even basing on its latest financial results, which the Glencore chief hopes would boost his case before the remaining doubting shareholders on Xstrata ranks.

Plus, Mr Glasenberg, also Glencore's single biggest shareholder, had agreed for Xstrata CEO Mick Davis to become the first among equals by thumbing the corporate set up of him acting as the second in command and a par under Mr Davis.

However, there exists that likelihood that the deal could still fell through as investors such as Allianz Global Investors and CF Midas Balanced Growth Fund have been reported by Reuters to be adamantly holding out and fiercely hoping that Glencore would blink and offer some more.

"We do not like the deal and will await a higher offer, hopefully," Neil Dwane of Allianz Global Investors told Reuters.

Another small shareholder, represented by Mark Wright of CF Midas Balanced Growth Fund, was under the impression that Mr Glasenberg and his cohorts were unnecessarily holding back what Glencore can actually offer, leaving a number of Xstrata shareholders unsatisfied with the present value of the deal.

"They are a bit of a black box to some, which is why they are struggling to win some people over," Mr Wright told Reuters.

Analysts said the deal going down the drain could potentially hurt both Xstrata and Glencore, the latter on the account of the 34 per cent Xstrata holdings it already owns, all the more making the task of wooing investors' support for the merger compelling for both Messrs Davis and Glasenberg.