Xstrata's Board OKs $36B Glencore Takeover Bid

Law360, New York (October 1, 2012, 12:09 PM EDT) -- Anglo-Swiss miner Xstrata PLC has approved the terms of a proposed $36 billion takeover bid by Swiss commodities trader Glencore International PLC and will send the potential merger to shareholders for a final vote later this month, Xstrata said Monday.

The mining company said its independent directors had unanimously greenlighted the proposed transaction, which calls for Glencore to give Xstrata investors 3.05 of its shares for each Xstrata unit. Xstrata also announced it had dropped its requirement that shareholders approve a controversial executive compensation package as...
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