Xstrata board backs Glencore’s US$33 billion bid with conditions

Miner Xstrata’s independent board members gave their long-awaited blessing for trader Glencore’s revised US$33 billion offer on Monday, though only on condition that shareholders also back a plan to retain key managers. Xstrata added its current chief executive, Mick Davis, would be replaced on the board after his departure by an Xstrata executive, retaining the current balance of the board.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1051531/xstrata-board-backs-glencore%E2%80%99s-us33-billion-bid