Anglo-Swiss miner and coking coal producer Xstrata plc (Xstrata) has announced that it recommends the revised merger proposal of international commodities trader Glencore International plc (Glencore).
In early September, Glencore increased the merger ratio to 3.05 Glencore shares for every Xstrata share, up from the previously offered 2.8 Glencore shares.
Xstrata gave up on insisting that the overall deal depends on a shareholders' vote on the package, which offers approximately 140 million pounds ($226 million) to retain more than 70 key Xstrata managers.
According to media reports, several Xstrata shareholders reflected their disappointment in the handling of the abovementioned merger, commenting that it is "a takeover on the cheap".