Glencore Tightens Hold On Merged Co. As Xstrata Execs Axed

Law360, New York (May 16, 2013, 2:49 PM EDT) -- Glencore PLC tightened control over its newly expanded commodities empire on Thursday as shareholders voted out legacy directors from Xstrata PLC, whose grueling $33 billion tie-up with Glencore — billed as a merger of equals — closed just two weeks ago.

Former BP PLC chief executive Tony Hayward, maligned for his role in the 2010 Gulf of Mexico oil spill, emerged as the temporary head of the board after John Bond, the incumbent Xstrata chairman, was ousted. Bond had drawn shareholder ire for supporting big pay...
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