Glasenberg Moves to Sideline Xstrata CEO After Raising Offer

Glasenberg Moves to Sideline Xstrata CEO After Raising Offer

Simon Dawson/Bloomberg

Glencore International Plc’s “merger of equals” with Xstrata Plc moved closer to being a fully fledged hostile takeover after Glencore Chief Executive Officer Ivan Glasenberg raised his bid by 9 percent and demanded that he lead the new company rather than Xstrata CEO Mick Davis.