Proxy Advisory Firms Divided On $36B Glencore, Xstrata Deal

Law360, New York (November 7, 2012, 6:57 PM EST) -- British proxy advisory group PIRC said Wednesday that shareholders should reject commodities trading firm Glencore International PLC's $36 billion bid for miner Xstrata PLC, but other proxy advisers have recommended that they approve the tie-up.

Both companies' boards have recommended the deal's terms, which give Xstrata shareholders 3.05 shares in the combined company for each Xstrata unit. The figure is up from an earlier offer worth $25 billion that drew sharp criticism from Xstrata shareholders — like state-owned private equity firm Qatar Holding LLC, which holds...
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