Xstrata shareholders approve deal without pay package
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.
- Still no sign of Malaysian jet lost in 'unprecedented mystery' |
- The search for missing Malaysian jet
- Mexico kills drug kingpin reported dead years ago: official
- Missing Malaysian jet may have disintegrated in mid-air: source |
- Exclusive: Malaysia plane probe narrows on mid-air disintegration - source