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Xstrata and Glencore shareholders approve merger | |
(about 4 hours later) | |
Both Xstrata and Glencore shareholders have voted overwhelmingly to merge the mining and commodity giants. | |
Almost 80% of Xstrata investors voted in favour of the $31bn (£19.5bn) deal. | |
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 Xstrata managers' retention plan will now be voted on separately. | |
Negotiations | |
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. |