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Glencore shareholders back Xstrata merger Xstrata and Glencore shareholders approve merger
(about 4 hours later)
Glencore shareholders have voted overwhelmingly in favour of the proposed merger with mining group Xstrata. Both Xstrata and Glencore shareholders have voted overwhelmingly to merge the mining and commodity giants.
The commodities giant said 99.42% of shareholders supported the deal between the two Anglo-Swiss companies. Almost 80% of Xstrata investors voted in favour of the $31bn (£19.5bn) deal.
Shareholders in Xstrata will vote on the tie-up later on Tuesday, with analysts expecting a second positive vote. However, they did not reach a large enough majority on a previous resolution which would have kept on the mining company's key managers under a "golden handcuffs" retention plan.
Earlier Glencore said 99.42% of its shareholders supported the deal between the two Anglo-Swiss companies.
The merger would still need competition approval by the European Commission.The merger would still need competition approval by the European Commission.
The deal has already been backed by Xstrata's board and by the company's second largest shareholder, Qatar Holdings. The Xstrata managers' retention plan will now be voted on separately.
However, Qatar said it would abstain on a separate, controversial vote on whether Xstrata's board members should receive multi-million pound payments to stay with the future merged company. Negotiations
Xstrata shareholders may reject the so-called "golden handshake" plan in the vote later. The merger has already been backed by Xstrata's board and by the company's second largest shareholder, Qatar Holdings.
However, Qatar had said it would abstain on the separate, controversial vote on whether Xstrata's board members should receive multi-million pound payments to stay with the future merged company.
The merger offer was first announced in February, when Glencore offered 2.8 shares for each Xstrata share. After months of negotiations, the offer was increased to 3.05 shares in September.The merger offer was first announced in February, when Glencore offered 2.8 shares for each Xstrata share. After months of negotiations, the offer was increased to 3.05 shares in September.
Under the new terms, Xstrata boss Mick Davis would head the combined group for six months before making way for Glencore's Ivan Glasenberg.Under the new terms, Xstrata boss Mick Davis would head the combined group for six months before making way for Glencore's Ivan Glasenberg.