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Xstrata Paid Davis $10.7 Million in 2012 Salary, Bonus, Pension

April 26 (Bloomberg) -- Xstrata Plc, whose takeover by Glencore International Plc is set to be completed next week, paid Chief Executive Officer Mick Davis $10.7 million in salary, bonuses, benefits and pension contributions last year.

The 55-year-old’s salary, bonuses and benefits totaled $5.4 million while payments toward Davis’s retirement were $5.3 million, Xstrata’s annual report shows. The Zug, Switzerland-based power-station coal producer increased his base salary to $1.55 million in 2013 from $1.5 million last year, it said.

Glencore on April 16 received clearance for its $29 billion takeover of Xstrata from China, provided it sell a copper asset in Peru. That removed the last obstacle to Glencore completing the 14-month-old deal to create the fourth-largest mining company by adding coal, copper, nickel and zinc mines to its commodities-trading empire.

Davis won’t serve six months as CEO of the new company as previously announced, the two companies said last week. Instead, Ivan Glasenberg, CEO of Baar, Switzerland-based Glencore, will take control when the acquisition is completed, expected on May 2.

Chief Financial Officer Trevor Reid’s total payments were $8.3 million, including pension benefits of $3.5 million, according to the report released today. The figures are converted from payments made in pounds, Xstrata said. Reid in December said he won’t stay on at the combined company.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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