Xstrata Shareholders Approve Glencore Merger, but Not Executive Payouts

Reuters reported that 79 percent of Xstrata (LSE:XTA) shareholders approved a merger with Glencore International (LSE:GLEN), but did not do the same for an executive pay plan that has been touted as essential to keeping key managers on staff.

A significant majority of Glencore shareholders also approved the merger.

As quoted in the market news:

Tuesday’s complex series of votes in the Swiss lakeside town of Zug, taking over more than two hours, brought to an end years of on-off merger talks between Xstrata and its largest shareholder and almost a year of often tense negotiations, creating what both sides hope will be a mining and trading powerhouse.

The tie-up, on the cards after Glencore listed last year, still needs to receive antitrust approval from European and Chinese regulators, but now looks set to become the largest deal in the sector since Rio Tinto’s acquisition of Alcan in 2007.

Click here to read the full Reuters report.