Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Xstrata PLC    XTA   GB0031411001

No quotes available
-- GBp   0.00%
2014 Glencore Xstrata names ex-BP boss Hayward as chairman
2014 Ex-BP CEO Hayward, who left after spill, to be Glencore chairman ..
2014 Exclusive - Nigeria favours local firms in $40 billion oil contra..
SummaryQuotesNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector news 

Xstrata Holders to Vote on Glencore Deal in September

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/09/2012 | 10:25am CEST

A shareholder vote on the proposed merger between U.K. miner Xstrata PLC (>> Xstrata PLC) and Swiss-based Glencore International (>> Glencore International Plc) will likely take place in September, people familiar with the matter told Dow Jones Newswires Monday.

The vote, originally slated to have been held last week, has been delayed due to changes in the retention packages for Xstrata management following shareholder pressure. Xstrata shareholders are also putting pressure on Glencore to increase the ratio of its shares it will pay for each Xstrata share from 2.8. Sovereign wealth fund Qatar Holdings, Xstrata's second biggest shareholder, has publicly stated it would like Glencore to pay 3.25 shares for each Xstrata share, a position reiterated last week in London by Qatar's Prime Minister.

Qatar Holding could potentially block the deal if a few other large shareholders join forces with the sovereign wealth fund to vote against the deal. A no vote by just over 16% of Xstrata's shareholders would prevent it going through.

The move from cash to share payments contingent on performance, means the retention packages are now viewed by the European regulator to include an element of long-term incentivisation which requires Xstrata to reconvene a new meeting.

The miner has to give at least 24 days' notice, with the new vote now slated to take place in September after the two firms issue their first half results. Glencore's vote will be held around the same time.

Xstrata is expected to include details of the new vote date in a supplementary scheme circular this week, the people said.

The merger would create the world's fourth largest mining company with a market capitalization of $58 billion and assets in a wide range of commodities including base and precious metals, agriculture and oil.

Xstrata declined to comment.

Write to Andrea Hotter at andrea.hotter@wsj.com

Stocks mentioned in the article : Xstrata PLC, Glencore International Plc
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on XSTRATA PLC
2014 Glencore Xstrata names ex-BP boss Hayward as chairman
2014 Ex-BP CEO Hayward, who left after spill, to be Glencore chairman - Telegraph
2014 Exclusive - Nigeria favours local firms in $40 billion oil contract awards
2014 Ex-BP boss Hayward could stay Glencore chair - WSJ
2014 Women struggling to crack glass ceiling in top UK companies - report
2014 Rio Tinto austerity drive stokes surprise dividend hike
2013DJColombia to Miss Coal Output Target Due to Labor Woes, Rebel Attacks
2013 Rio Tinto's former boss says miners were "too slow" to react
2013DJFormer Morgan Stanley Chairman Joins Glencore Xstrata Board
2013DJFTSE Edges into Red; Severn Trent, Vodafone Lower on M&A News
More news
Sector news : Specialty Mining & Metals - NEC
07/25DJLONDON MARKETS : FTSE 100 Turns Lower As Oil, Mining Shares Struggle
07/25DJLONDON MARKETS : FTSE 100 Turns Lower As Oil, Mining Shares Struggle
06/10DJEUROPE MARKETS : European Stocks Slide As Investors Flock To Bonds
05/26 FTSE steadies at close after climbing to one-month high
05/23DJCHINA MOLYBDENUM LUOYANG : to Raise Up to CNY18 Billion Via Share Placement in C..
More sector news : Specialty Mining & Metals - NEC
Advertisement
Income Statement Evolution
More Financials
Sector and Competitors
1st jan.Capitalization (M$)
XSTRATA PLC0.00%37 379
GMK NORIL'SKIY NIKEL' ..--.--%22 517
SOUTHERN COPPER CORP0.27%20 263
CHINA MOLYBDENUM LUOYA..22.22%9 061
SUMITOMO METAL MINING ..-16.50%6 850
BOLIDEN AB28.06%5 855
More Results