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

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.

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