Qatar Holding LLC, Xstrata’s second- largest shareholder, is poised to approve Glencore International Plc (GLEN)’s $31.3 billion bid for the company and bonuses for about 70 managers, according to three people with knowledge of the plan.
The sovereign wealth fund is primarily concerned with ensuring the merger is completed, and isn’t opposed to the payments that have drawn criticism from institutional investors including Standard Life Investments and Knight Vinke Asset Management LLC, the people said, asking not to be identified discussing a private matter. Fidelity Worldwide Investment, owner of about 0.6 percent of Xstrata, also supports the takeover, a fourth person said.
Shareholders are due to vote Nov. 20 on plans to create the world’s fourth-largest mining company. A positive vote from Qatar on the deal and payments would raise the prospects of the year’s biggest takeover completing.
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