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Report: Mining giant Xstrata to endorse Glencore takeover bid

AustraliaThis article is more than 2 years old.


A link from Sydney Morning Herald

The Australian mining company Xstrata will recommend that its shareholders approve a $31.9 billion sweetened takeover offer by trading giant Glencore International, reports the Sydney Morning Herald, quoting a source close to the deal. The combination would be the world’s fourth-largest mining company. Xstrata changed its mind after getting concessions from Glencore that allow it to hold a majority of the seats on the board of directors. Under Glencore’s revised bid, Xstrata CEO Mick Davis will lead the merged company for six months, when he will receive a $12.5 million termination fee and hand over the reins to Glencore CEO Ivan Glasenberg, the newspaper said.

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