Wednesday 11 July 2012

Xstrata sets September 7 for Glencore vote | Reuters

Miner Xstrata (XTA.L) said September 7 was the new date for a shareholder vote on its planned $26 billion takeover by Glencore (GLEN.L), after changes to retention deals for executives forced it to push back a meeting initially planned for this week.

The delay will give commodities trader Glencore, Xstrata's largest shareholder, weeks more to hammer out a deal over the terms of the takeover with rival shareholder Qatar, which is demanding better terms - easing speculation that the current deadlock between the two could put the tie-up on ice.

Xstrata shareholders had been due to meet on July 12, but the miner said last month it would adjust retention packages for its executives in response to shareholder outcry over the mostly cash deals, forcing the vote to be postponed.

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