Update 2: Xstrata OKs Glencore Deal Minus Retention Package

Commodities & Metals

Published: November 20, 2012 10:38 am

worker using torch cutter to cut through metal

As far as shareholders are concerned, the merger between Glencore International and Xstrata plc is now in the books. Xstrata shareholders approved the $31 billion merger agreement without the retention packages for Xstrata executives with 79% of shareholders voting in favor of the deal, according to a report at MarketWatch.

The combined company, which will be the world’s fourth largest miner, will now have to clear some remaining regulatory hurdles, including approval from the European Commission which has some reservations about the combined company’s influence on the market for zinc.

Glencore’s shareholders approved the deal earlier this morning and the combined company will assume a new name: Glencore Xstrata International Plc.

Xstrata shareholders will now vote on the executive retention packages separately. If approved, several Xstrata executives will receive a total of about $233 million. If shareholders reject the deal — and it has been very controversial — executives will depart with a hearty handshake.

Paul Ausick

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