Arab Today, arab today xstrata sets september date for glencore takeover vote
Last Updated : GMT 23:04:30
Arab Today, arab today
Arab Today, arab today

Xstrata sets September date for Glencore takeover vote

Arab Today, arab today

Arab Today, arab today Xstrata sets September date for Glencore takeover vote

Washington - Arabstoday

Xstrata said shareholders will vote on September 7 on the miner’s planned $26bn takeover by Glencore, effectively giving the commodities trader and rival investor Qatar Holding six weeks to hammer out an agreement on the terms of the offer. A vote initially scheduled for July was postponed after shareholder protests forced Xstrata last month to overhaul retention packages to tie in its top managers. Shareholders had objected to the mostly cash deals that were not linked to performance, and threatened to scupper the deal. But a vote on September 7, later than strictly required, will also give Glencore, Xstrata’s largest investor, more time to strike a deal with Qatar’s sovereign wealth fund, which is demanding better terms — easing speculation that the current deadlock between the two could put the tie-up on ice. While the September date is still moveable, sources familiar with the matter and analysts said it marked a deadline of sorts and a goal for the talks between Glencore and Qatar, which owns 11% of the miner. Qatar, which has built the second-largest stake in the miner, said last week it was firm in its demand for Glencore to improve its offer to 3.25 new Glencore shares for every Xstrata share held, up from the 2.8 on offer. Glencore, for its part, has indicated it could walk away. Under takeover rules, Glencore has until two weeks before the vote date, roughly August 24, to alter the terms of its offer — a later move is possible, but would push the date back again. Glencore’s own shareholders will also vote on September 7. Xstrata — which was caught up in a “shareholder spring” that has seen investors protest over pay across sectors — confirmed yesterday its new retention packages for top executives would be in shares only and be dependent on executives reaching a further $300mn of cost savings beyond planned synergies. Xstrata also said it continued to expect the merger to complete in the fourth quarter. Anti-trust reviews were progressing, the miner said, with an ongoing process in China and South Africa and constructive discussions with the European Union ahead of a formal notification, expected in coming weeks. The combination of Glencore and Xstrata was expected to be an acquisition powerhouse, as both have a track record of growing through deals. Glencore announced, separately yesterday, it would buy Brazilian miner Vale’s European manganese ferroalloys operations for $160mn, moving into the production of a key steel making ingredient. “This small transaction is characteristic of Glencore’s opportunistic and piecemeal M&A strategy and it marks its first foray into manganese production,” analyst Dominic O’Kane at Liberum said in a note. from gulf times.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today xstrata sets september date for glencore takeover vote Arab Today, arab today xstrata sets september date for glencore takeover vote

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday