Schroders Would Vote Davis Off Xstrata Board, Telegraph Says
Schroders Plc (SDR)’s head of U.K. equities, Richard Buxton, said he’d “happily” vote Xstrata Plc (XTA) Chief Executive Officer Mick Davis off the board if shareholders aren’t offered enough in the mining company’s sale to Glencore International Plc (GLEN), the Sunday Telegraph reported.
The Glencore and Xstrata boards are discussing a premium of 11 percent to 12 percent, the Telegraph said, without saying where it obtained the information. Five of the top 10 Xstrata shareholders said they’re angry the company hasn’t engaged with them, and the jobs of Davis and Chairman John Bond are at risk if a sufficient premium isn’t offered, the paper said, without naming the shareholders.
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