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Glencore shareholders back Xstrada merger

Glencore's shareholders have backed a merger with Xstrada, but the outcome of the mining firm's vote may be less certain.

20 November 2012

Glencore shareholders have overwhelmingly backed plans to merge with mining company Xstrada.

The commodity trading firm's general meeting produced a 99.42 per cent vote in favour of the move, with a change of company name being backed by 97.17 per cent.

Authority to allot ordinary shares was backed by 98.71 per cent and authority to allot equity securities received the support of 99.35 per cent.

It means the business negotiations that set up the deal have successfully persuaded nearly all the company's shareholders that the merger will be in the interest of Glencore.

However, the deal has not gone down so well with some of Xstrata's shareholders, with pensions firm Standard Life recently declaring its opposition and pledging to vote against it.

The deal is supported by Xstrata's biggest shareholder Qatar Holdings, although it has doubts about the revised management incentive arrangements and has vowed to abstain on that particular issue.

Xstrata's shareholder vote will also be taking place today (November 20th).

Posted by Edel Quinn

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