Xstrata sets September date for vote on Glencore takeover bid


Reuters

LONDON — Xstrata said shareholders will now vote on Sept. 7 on the miner’s planned US$26 billion takeover by Glencore, after changes to unpopular retention deals for top executives forced it to push back a meeting scheduled for this week. A new date had been expected after deals to tie in Xstrata’s top managers were overhauled at the end of last month, following shareholder protests over mostly cash packages that were not tied to performance.

But a vote on Sept. 7, later than strictly required, will also give commodities trader Glencore, Xstrata’s largest investor, six more weeks to hammer out a deal over the terms of the takeover with rival shareholder Qatar Holding, which is demanding better terms — easing speculation that the current deadlock between the two could put the tie-up on ice. While the September date is still moveable, sources familiar with the matter and analysts said it marked a deadline of sorts and a goal for the talks between Glencore and Qatar’s sovereign wealth fund, which owns 11 percent of the miner.