Commodities trader Glencore gave no indication on Monday that it would sweeten its $37bn (£23bn) offer for miner Xstrata to win over reluctant shareholders. The company, which released an estimate for 2011 profits last month, confirmed those results, with net income up 7% to $4.06bn and a 28% rise in revenues to $186bn. It will pay a total dividend for the year of 15 cents a share. Glencore\'s chief executive, Ivan Glasenberg, said the proposed merger with Xstrata, which has been approved by the boards of the two companies and referred to the European commission, is the \"logical next step for two complementary businesses to create a new powerhouse in the global commodities industry\". Glencore is offering 2.8 new shares for every Xstrata share it does not already own – about two thirds of the company. Some analysts believe Glencore, the world\'s largest commodities trader, is likely to improve its offer in April, with Andrew Keen at HSBC saying 3.3 Glencore shares would be a fairer level. In April, documentation about the proposed tie-up will be sent to investors ahead of a vote in May. However, Glasenberg insisted the deal was fair for all shareholders. \"This is a merger of equals. Xstrata have got most of the senior jobs. Most previous mergers of equals were done at a ratio of equals – this deal … has been done at a premium,\" he told Reuters. \"We believe it is a fair deal, fair to all shareholders.\" He said Glencore\'s key growth area of iron ore was looking \"a lot stronger\" this year.