Xstrata Investors Back $34B Glencore Merger

Law360, New York (November 20, 2012, 12:43 PM EST) -- Investors in mining and metals giant Xstrata PLC on Tuesday greenlighted a $34 billion stock swap with Glencore International PLC to form the sector's biggest conglomerate, in a vote that came the same day Glencore shareholders overwhelmingly approved the deal.

The shareholder votes tied off a lengthy — and at times messy — back-and-forth between the companies and Xstrata investors whose questions over the fairness of the terms and executive compensation linked to the deal had jeopardized the merger.

Almost 80 percent of Xstrata investors voted...
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