Glencore shareholders back Xstrata takeover

LONDON Tue Nov 20, 2012 4:16am EST

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LONDON Nov 20 (Reuters) - Shareholders in commodity trader Glencore voted overwhelmingly on Tuesday in favour of its long-awaited $31 billion takeover of miner Xstrata.

Glencore, which is controlled by its management team and is already Xstrata's largest shareholder, has offered 3.05 new shares for every Xstrata share which it does not already own.

Glencore said 99.4 percent of voting shareholders supported the resolution on the tie-up.

Xstrata shareholders vote later on Tuesday, with a first meeting scheduled for 1300 GMT.

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