Xstrata shareholders will vote on a proposed management retention package before deciding on Glencore's $32 billion bid, two people familiar with the talks told Reuters, a structure designed to secure maximum support for
the deal.
In the coming weeks, shareholders will first vote on the 140 million pound ($226.07 million) two-year pay package aimed atretaining Xstrata's key managers. They will then vote separately on the merger, the people said.
The new proposal was a condition a group of shareholders had imposed on Xstrata board to recommend the deal, the people said. Under UK takeover rules, the deal has to be announced by Monday at the latest.
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