Xstrata to vote on July 12 on Glencore deal
LONDON (Reuters) - Shareholders in miner Xstrata XTA.L will vote on July 12 on commodities trader Glencore's $30 billion all-share takeover bid, leaving the companies weeks to woo waverers over to one of the sector's largest ever deals.
Shareholders in Glencore, which already owns almost 34 percent of Xstrata, will vote on July 11.
The structure of the deal, which requires at least 75 percent of shareholders excluding Glencore to approve it, means opposition from investors representing just over 16.5 percent of Xstrata's total shareholding would be enough to derail it.
Industry analysts believe the deal will ultimately succeed, not least because of heavy stake-building by Qatar, which has built up a share of over 9 percent in Xstrata and is expected to back the deal.
Glencore confirmed it is offering 2.8 new shares for every Xstrata share held. It could still increase that level, if it chose to, before the vote.
(Reporting by Clara Ferreira-Marques; Editing by Neil Maidment)
WASHINGTON - When U.S. regulators adopt the Volcker rule on Tuesday, they will make good on a promise by politicians to rein in banks' ability to gamble with their own money.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.