Global commodity trader Glencore International PLC, which was within hours of seeing its proposed $80 billion purchase of giant Anglo-Swiss miner Xstrata PLC rejected by shareholders, early Friday raised the amount it is willing to pay, according to a published report.

The Financial Times said Switzerland-based Glencore, which had offered 2.8 shares for every Xstrata share, has increased that ratio to 3.05, a nearly 9 percent hike. Based on the value of the companies' shares at the close of business Thursday, the new offer marks a 27 percent increase.

The move, which comes hours before a shareholder meeting that appeared set to reject the Glencore offer, is apparently aimed at meeting objections of Qatar Holding LLC, Xstrata's second-largest shareholder, the the 2.8 ratio was too low. The sovereign wealth fund, which holds 12 percent of the Zug, Switzerland-based miner, has been demanding a ratio of 3.25 shares for each Xstrata share.

Shares of Glencore, the world's largest commodity trader, tumbled 4.3 percent Friday while Xstrata shares jumped nearly 8 percent. Both securities are listed on the London Stock Exchange.