Deals
Xstrata Backs Glencore Takeover Bid With Board Assurance
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Xstrata Plc’s board recommended shareholders back a $33 billion sweetened takeover offer by Glencore International Plc after gaining assurances on board composition and delinking votes on the bid from bonus payments.
Shareholders will be asked to consider two resolutions; one to approve the takeover along with 144 million pounds ($232 million) of retention bonuses; and a second that excludes the pay question, Xstrata said today in a statement. The outcome of a third vote, on the incentive payments alone, will determine which of the first two resolutions is taken into account.