[miningmx.com] — GLOBAL miner Xstrata has asked to postpone the
July 12 special shareholder meeting on its proposed merger with commodities trader
Glencore.
A new date would be announced shortly.
Numis Securities’ Andy Davidson said on Thursday the delay was ostensibly due to
the proposed changes to the controversial management retention packages, but
would also buy more time for Glencore to thrash out an agreement with Xstrata
shareholders over the merger ratio.
A Qatari investment fund that owns 10% in Xstrata has said it wanted 3.25 new
Glencore shares for each Xstrata share; significantly more than the 2.8 shares
currently on offer.
In a separate but related announcement, Australia’s Competition Commission said it
won’t oppose the merger. “South Africa still has to approve, but looks unlikely to put
a spanner in the works at this stage,’ Davidson said.
