02.10.2012 - $90bln global mining giant Glencore-Xstrata inches closer: Deal depends on Qatar now
The long and winding road that has been the attempted merger between miner Xstrata and commodities trading house Glencore seems to be nearing its end. On Monday, the board of Xstrata recommended the “all-share merger of equals” to its shareholders, putting a controversial £144 million ($232 million) bonus package up for vote. Also, Xstrata confirmed that CEO Mick Davis would lead the combined company, worth about $90 billion, for six months, only to step down (without taking a big bonus) and let billionaire Ivan Glasenberg take the reins. All eyes are now on the Qatari sovereign wealth fund, which is one of the major shareholders and will be crucial in tilting the scale to either side...............................................Full Article: Source
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