Deals
Glencore Draws Xstrata Ire With Change to CEO Plan in Higher Bid
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Glencore International Plc raised its offer for mining company Xstrata Plc by 9 percent in a bid to salvage the $36 billion takeover and overcome opposition from investors including Qatar’s sovereign wealth fund.
The revised offer of 3.05 Glencore shares for each Xstrata share, a 17.6 percent premium, is “significantly lower than would be expected in a takeover,” Zug, Switzerland-based Xstrata said today in a statement responding to the proposal.