Glencore's offer gets Xstrata board nod

Xstrata's board has recommended that shareholders back a US$33 billion sweetened takeover offer by Glencore International after gaining assurances on board composition and de-linking votes on the bid and bonus payments.

Shareholders will be asked to consider two resolutions.

One was to approve the takeover along with £144 million (HK$1.8 billion) of retention bonuses and a second excluded the pay question, Xstrata said yesterday. This meant the deal could proceed even if the incentive payments were rejected.

via Business feed http://www.scmp.com/business/companies/article/1051810/glencores-offer-gets-xstrata-board-nod