Xstrata backs US$33 billion Glencore bid with conditions

Miner Xstrata gave its long-awaited blessing to trader Glencore’s revised US$33 billion offer, though only on condition shareholders also support a controversial pay package aimed at retaining key managers for at least two years.

Xstrata’s non-executive directors have been considering the improved, final, offer from Glencore, the miner’s largest shareholder, since September 10 - wrestling for three weeks to reconcile opposing demands from shareholders over the deal terms, the board and a more than 140 million pound (US$226 million) retention package.

via Business feed http://www.scmp.com/business/companies/article/1051604/xstrata-backs-us33-billion-glencore-bid-conditions