Anglo-Swiss miner and coking coal producer Xstrata plc (Xstrata) has announced that its shareholders have approved the $31 billion takeover by international commodities trader Glencore International plc (Glencore). However, the £140 million ($223.5 million) retention package for over 70 key Xstrata managers has not been passed.
The planned merger was first announced in February with Glencore offering 2.8 shares for each Xstrata share, then raising its offer to 3.05 Glencore shares in early September.
The merged company is expected to rival Australia's mining giant BHP Billiton as the world's biggest miner in five years' time.