Glencore Xstrata Plc was seen to be an unlikely bidder for OZ Minerals Ltd. This was according to a banker who knew both companies said on Monday. The banker refuted a British newspaper report that said Glencore had been eyeing OZ Minerals for a GBP750 million takeover deal.

The Mail reported last Sunday that Glencore had purchased up to 10% stake in OZ Minerals. The paper reported, while citing City sources, that OZ Minerals had appointed UBS as its defense adviser for the deal.

On Monday, OZ Minerals said that the company had not received any proposal or any shareholder notice from Glencore. Under the Australian law, any investor who had a direct holding of at least 5% of stock in a company must disclose their ownership.

OZ Minerals had been looking for investors to invest in the AUS433 million company. OZ Minerals had been hunting for a boost in its mines and had been weighing whether to develop its Carrapateena asset.