Disgruntled shareholders in miner Xstrata made their concerns felt over the firm’s strategy ahead of its planned merger with commodities giant Glencore.

Almost four in ten shareholders failed to support the firm’s pay plan, while more than 15% refused to vote for the reappointment of director Ivan Glasenberg who also runs Glencore.

Xstrata chairman Sir John Bond urged investors to support the GBP 50 billion merger.

He told the FTSE 100 firm’s annual general meeting in Switzerland said that “The terms of the proposal are fair and reasonable and the proposal represents a significant opportunity to generate superior returns for our shareholders.”


The two sides are still working on the paperwork on the deal which would see Xstrata chief executive Mr Mick Davis keep that role in the combined group.

Separately Xstrata said yesterday that quarterly copper output dropped more than 18% YoY in its latest quarter while coal output was up.

Source - www.cityam.com

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