Xstrata sets date for merger vote
Xstrata sets date for merger vote

Proponents of Xstrata's merger with Glencore have another two months to woo shareholders amid the announcement of a rescheduled vote on the deal.

Xstrata postponed its July 12 AGM at which shareholders were due to vote on the joining of the two commodities giants. On Thursday the company announced the meeting would instead take place on September 7.

Glencore, which holds a 34 per cent stake in Xstrata, is offering 2.8 shares for every share it does not own.

Many Xstrata shareholders say the offer undervalues the company.

Qatar, whose sovereign wealth fund has an 11 per cent stake in Xstrata, has previously sought a 3.25-share ratio.

The West Australian

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