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Xstrata shareholders approve deal without pay package
November 20, 2012 / 2:45 PM / in 5 years

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.

Reporting by Clara Ferreira-Marques; Editing by Andrew Callus

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