Glencore: To Cancel Holder Meeting To Approve Glencore-Xstrata Merger
06/27/2012| 12:52pm US/Eastern
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By Alex MacDonald
LONDON--Glencore International PLC (>> Glencore International Plc) said Wednesday it intends to seek an adjournment of its July 11 shareholder meeting to approve its all-share merger with Xstrata PLC (>> Xstrata PLC).
The adjournment is aimed at aligning Glencore's shareholder vote on the $57-billion merger of equals with "Xstrata's shareholder meetings and to take into account any changes required to be made to the merger documentation in connection with those amendments," Glencore said in a statement.
Xstrata said Wednesday that it would be sending a supplementary circular to its shareholders in due course which would convene a new Extraordinary General Meeting, that was initially set for July 12. The supplementary circular will include revisions to its proposed retention package in the all-share merger.
Glencore is meeting with representatives of sovereign wealth fund Qatar Holding in London to discuss Qatar's request for a higher share swap ratio, people familiar with the matter said.
Qatar--Xstrata's second largest shareholder after Glencore with a near 11% stake--called on Glencore Tuesday to sweeten its offer to 3.25 Glencore shares for every Xstrata share, up from the initial 2.8 share swap ratio proposal.
At 1622 GMT, Glencore's shares were down 1.5% or 4 pence at 298.3 pence a share, resulting in a market capitalization of GBP20.7 billion.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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