Nov 20 Glencore's $31 billion takeover
of miner Xstrata got the go-ahead from both sets of
shareholders on Tuesday. Europe's antitrust regulators are due
to give their verdict by Thursday.
Here are the major steps this year that have led to the
Feb. 7, 2012 - Glencore and Xstrata agree an all-share
merger to create a commodities powerhouse, spanning mining,
agriculture, oil and trading. Glencore offered 2.8 new shares
for every Xstrata share.
April 9 - Qatar's sovereign wealth fund increases its stake
in Xstrata to just over 5 percent and becomes Xstrata's
third-largest shareholder behind Glencore and asset manager
BlackRock Inc.. Qatar raises its stake in Xstrata again
to over 10 percent in June.
May 31 - The two companies detail the terms of the deal,
including a three-year retention package to be worth millions of
dollars for Xstrata boss Mick Davis. He is to stay on as chief
executive of the combined group, with Glencore's Ivan Glasenberg
as deputy chief executive.
June 26 - Qatar demands better terms for the deal asking for
3.25 new Glencore shares for every Xstrata share, up from the
2.8 on offer - the first time Qatar's sovereign wealth fund has
taken such an activist role in one of its holdings.
July 11 - Xstrata says shareholders will vote on Sept. 7 on
the miner's planned takeover by Glencore, effectively giving the
commodities trader and rival investor Qatar six weeks to hammer
out an agreement on the terms.
Sept. 7 - After last-minute, late-night talks that ended
hours before a scheduled shareholder vote, Glencore raises its
offer for Xstrata, hoping to rescue the deal by wooing Qatar and
other key investors. Glencore's Glasenberg will now lead the
combined company. Xstrata shareholders had been expected to
reject the merger on the original terms.
Glencore proposes a revised offer of 3.05 new shares for
every share it does not already own, up from 2.8.
Oct. 1 - Xstrata gives its long-awaited blessing to the
revised bid from Glencore, bowing to investor pressure to push
through a new vote structure, in order to ensure the merger
isn't sunk by a payment plan to retain top managers.
Nov. 15 - Qatar says it will vote for two key resolutions on
the takeover but will abstain from voting on the
multimillion-pound management retention plan, increasing the
chances of that aspect of the deal being voted down.
Nov. 20 - Glencore shareholders vote in favour of its $31
billion takeover of Xstrata. Xstrata shareholders also back the
deal, while voting down the retention plan. Xstrata chairman
John Bond resigns.
(Reporting by David Cutler, London Editorial Reference Unit;
Editing by Erica Billingham)