Xstrata shareholders approve deal without pay package
LONDON (Reuters) - Xstrata's XTA.L shareholders have approved a $31 billion takeover by commodities trader Glencore (GLEN.L), but without a controversial "golden handcuffs" retention plan for the miner's key managers.
Xstrata said 78.88 percent of shareholders voted in favor 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.
- Investment banks Morgan Stanley and Goldman Sachs Group Inc posted better-than-expected quarterly earnings on Thursday, helped by gains in merger advisory and stock underwriting. | Video
- The troubles at BlackBerry Ltd, which fired more than half its staff and lost more than 90 percent of its market value as consumers shunned its smart phones, might have spelled disaster for the company's hometown of Waterloo, Ontario. Instead, there are hot sports cars in the streets and new companies filling the refurbished office buildings. | Video
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.