Update 2: Xstrata OKs Glencore Deal Minus Retention Package

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