Xstrata shareholders snub board on first vote
LONDON (Reuters) - Xstrata's XTA.L shareholders did not pass a first resolution that would have approved a $31 billion takeover by trader Glencore, subject to a controversial retention package, as not enough investors heeded a recommendation from the miner's board.
Only 67.8 percent of shareholders voted in favour of the first of two resolutions on the tie-up - short of the necessary 75 percent threshold.
Shareholders, at a meeting in the Swiss town of Zug, are now set to vote on a second resolution, deciding whether or not to approve the deal without the "golden handcuffs" plan to retain key Xstrata managers. This is expected to pass.
The retention plan itself will be voted on separately.
Earlier on Tuesday, Glencore shareholders overwhelmingly backed the deal.
SYDNEY - Asian markets were finding their feet on Tuesday after a rocky ride the previous session, though uncertainty about the true state of China's economy kept nerves frayed and commodity prices restrained.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
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.