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Mineweb reported Xstrata (LSE:XTA) sought to win over waverers to the merits of its $39 billion takeover by commodities trader Glencore, (LSE:GLEN) asking opposing investors to back the “fair and reasonable” plan.
Mineweb reported Xstrata (LSE:XTA) sought to win over waverers to the merits of its $39 billion takeover by commodities trader Glencore, (LSE:GLEN) asking opposing investors to back the “fair and reasonable” plan.
As quoted in the market news:
The structure of the deal, which requires at least 75 percent of shareholders excluding Glencore to approve it, means opposition from investors representing just over 16.5 percent of Xstrata’s total shareholding would be enough to derail it.