Xstrata investors to vote on Glencore deal on November 20

LONDON Thu Oct 25, 2012 11:57am EDT

A logo of the Swiss mining company Xstrata is shown at the headquarters in Zug September 7, 2012. REUTERS/Michael Buholzer

A logo of the Swiss mining company Xstrata is shown at the headquarters in Zug September 7, 2012.

Credit: Reuters/Michael Buholzer

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LONDON (Reuters) - Shareholders in miner Xstrata XTA.L will vote on a $33 billon proposed takeover by trader Glencore (GLEN.L) on November 20, Glencore said in a statement on Thursday.

The vote will take place ten months after Glencore first approached Xstrata. The deal is back on after the commodities trader in September bowed to investor pressure and raised its bid to 3.05 new shares for every Xstrata share from an earlier ratio of 2.8.

Under a complex structure of votes, Xstrata investors will be able to express their views on a controversial retention plan without endangering the merger.

Glencore will also hold a shareholder meeting in connection with the merger on the same day.

(Reporting by Sarah Young; editing by Kate Holton)

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