The first barrel is pointed squarely at Anglo American which, until the 1980s, was the world’s biggest miner thanks to its dominance of South Africa’s gold, diamond and platinum industries but a business which has stumbled badly more recently.

The second barrel is pointed at other potential mating partners, because one of the inevitable consequences of a mega-merger is that other companies follow the leaders, not so much because they have a plan, more because they fear being left behind in a scramble for assets, or because want to be predator rather than prey.

Before considering the knock-on effects of the Xstrata/Glencore merger, there is the deal itself and easiest question of all: aren’t they already one company?

As far as Blower can see Glencore and Xstrata come from the same stable of commodity traders that was once led by the reclusive king of commodities, Marc Rich. It was Rich who created Glencore and Glencore which created Xstrata.

The end result of that trail is that Glencore still owns 34% of Xstrata, retains intimate connections at a board and management level and handles some of the metals and minerals mined by Xstrata.

All that seems to have stopped a full-blown merger until now is a clash of personalities at the top of the executive tree, with Glencore’s Ivan Glasenberg and Xstrata’s Mick Davis wanting the top dog position in a formally integrated business.

Now the pecking order seems to have been thrashed out over a long lunch in London, with Davis getting first use of the chief executive’s office (and Glasenberg probably waiting his turn) there is not much left to do except complete the legal niceties and put the deal to a vote – with minimal chance anyone will object.

What emerges after the creation of “Glenstrata” will be watched carefully by everyone, not just because of the size of the new business but also because the model will be unique, combining a miner with a commodity trader that has deep interests in agricultural products as well as minerals.

Some theorists say the two business streams do not mix, in the same way the oil and hard-rock mining companies rarely co-exist, with BHP Billiton an exception.

If the integration of commodity traders and miners makes sense, why hasn’t it been done before?

The answer is it has and failed, largely because the management culture of a trading company is quite different to that of a producer.

Margins are finer, risks are different, as are capital requirement and executive skills. Miners that have tried trading quickly retreat to operating a simple sales office.

However, if Davis and Glasenberg prove a combined mining/commodity model does work then others are certain to try it – such is human nature when it comes to following a fresh trend.

The other issue with human nature is the fear of being left behind, or overtaken, which is why the Glencore/Xstrata deal will produce copycat deals and aggressive takeover bids.

Anglo American, as mentioned earlier, is top of the target list because it is a company which has lost its way.

Roots sunk deep into the South African mining industry have not delivered the same growth they once did.

Costs have soared in that country.

Exploration slowed and the government process (both approvals and black economic empowerment) has become a major impediment to investment.

Then there are the problems with Anglo chief executive Cynthia Carroll, who has struggled to develop strong support among her staff or shareholders, culminating with a horribly botched attempt to force Chile’s state-owned copper miner, Codelco, out of a deal over the copper assets in Chile.

Xstrata has already made one approach to Anglo and missed.

It will not miss a second time once the Glencore merger is bedded down.

It is the prospect of a raid on Anglo shortly after by the creation of the enlarged “Glenstrata” which will trigger other deals which, in Australia, could include a long-overdue raid on the zircon mining specialist, Iluka, and a move on the country’s biggest goldminer, Newcrest, by one of the international leaders, Barrick or Newmont.

Once the takeover games start they will flow down through the industry as companies jockey for position with chief executives keen to buy something (anything?) to enhance their status and investors more interested in selling as values rise.

As they will be saying in London later this year at the opening of the Olympics and as Blower can say now: “Let the games commence”

This story first appeared on ILN's sister publication MiningNews.net.