Global commodities giants Xstrata and Glencore International are under intense pressure to amend their proposed merger as people close to the matter said it is becoming increasingly clear shareholders will block the landmark deal on its current terms.

The deal, creating a company with a market value of some $60bn, has been touted as a potential reshaping of the global mining industry. But it is running into a buzz-saw of opposition on two fronts: price and executive compensation.