Xstrata shareholders approve deal without pay package

LONDON Tue Nov 20, 2012 9:40am EST

Related Topics

LONDON Nov 20 (Reuters) - Xstrata's shareholders have approved a $31 billion takeover by commodities trader Glencore, but without a controversial "golden handcuffs" retention plan for the miner's key managers.

Xstrata said 78.88 percent of shareholders voted in favour of the second of two resolutions on the deal. The first resolution - which would have approved the deal with the retention plan - did not pass, after it fell short of the necessary 75 percent threshold.

The retention plan will be voted on separately.

Xstrata's board had recommended that shareholders vote "yes" on the first resolution.

Earlier on Tuesday, Glencore shareholders overwhelmingly backed the deal.

FILED UNDER: