Subscribe and start reading now. Excluding Glencore's 34% stake, that would mean shareholders holding at least 17% of Xstrata's shares would be able to block the deal.News of the unease saw Xstrata shares fall almost 5% by Tuesday afternoon.Xstrata's 2011 financial results were well above market expectations, according to stockbrokers Charles Stanley.
David Vascott.
These are external links and will open in a new window Glencore profits rise on 'robust' commodities demand Glencore float puts spotlight on publicity-shy firm Merger Control Private Antitrust Litigation ... China clears Glencore/Xstrata with conditions.
These are external links and will open in a new windowMining firm Xstrata has formally announced plans to merge with Glencore, the world's biggest commodity trader.But two major Xstrata shareholders say they will vote against the deal as it undervalues their shares.But Standard Life Investments and Schroders, which between them own 3.6% of Xstrata, said the deal undervalued the firm and they would vote against the merger. The remedies imposed by MOFCOM in Glencore/Xstrata are much more 'draconian' compared to those in MediaTek/MStar, particularly given the significantly lower level of concentration (combined post-merger market share of 12.1% in the supply of copper concentrates in Glencore/Xstrata as compared with 80% of LCD chips in MediaTek/MStar). Glencore, which held a $10 billion initial public offering in London in May, and Xstrata have been talking about a merger … Indeed, a newly merged, resource-heavy Glencore-Xstrata could lead the charge in future acquisitions. Glencore and Xstrata have finally sealed one of the world's largest merger deals after months of fraught and complex negotiations.
The merger values each Xstrata share at 1,290.10 pence. "This is a fabulous deal for Glencore, it's probably a great deal for the Xstrata management, but it's a poor deal for Xstrata's majority shareholders," said Schroders' Richard Buxton.The deal was described by the two firms as a "merger of equals" with the new company to be named "Glencore Xstrata International PLC".The new group will be the world's biggest exporter of coal for power plants, and the largest producer of zinc.Glencore chief executive Ivan Glasenberg said the merger would create "a new powerhouse in the global commodities business. Glencore and Xstrata have finally sealed one of the world's largest merger deals after months of fraught and complex negotiations.New company shares, Glencore Xstrata, will begin trading on the London Stock Exchange on Friday.Xstrata is one of the world's largest and most diversified miners and began just over a decade ago with a collection of zinc and ferroalloy assets and coal mines bought from Glencore.Glencore is the globe's largest commodities trader, where it also has operations comprising of over, 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities.Together, they become the world's fourth largest mining company and, thanks to Glencore, the world's largest commodities trader.In February 2012, Glencore and Xstrata agreed to an all-share merger, with the commodities trader offering 2.8 new shares for every Xstrata share.However between February to April that year, Qatar's sovereign wealth fund started quietly building its stake in Xstrata to just over 5%, in order to become the mining group's third-largest shareholder behind Glencore and asset manager BlackRock.Qatar amassed a 11% stake in Xstrata by the summer, amounting to $4.3bn.At the end of May, the new commodities powerhouse in the making detailed terms of the deal.Finer details included a three-year retention package to be worth millions of dollars for Xstrata boss Mick Davis. Glencore Xstrata and Vale have revived talks over a potential combination of the mining groups’ nickel operations in Canada’s Sudbury basin, in an effort to cut costs as prices for the metal languish The Xstrata finance head will likewise take the senior role in the combined firm.The valuation of Xstrata translates to a share price of 1,290p - compared with the 1,100p at which shares were trading before news of the deal emerged last week.Xstrata's shareholders - other than Glencore - would have a 45% stake in the new firm.Shareholders will be able to vote on the merger in April, after Glencore's full year results have been announced.Xstrata said the merger would need a 75% majority. At the time, it was agreed that he would stay on as chief executive of the combined group, while Glencore's CEO Ivan Glasenberg would be his deputy.However, the deal ran into a complex and rocky patch when Qatar made history, by becoming the first sovereign wealth fund to turn into an activist investor.It demanded better terms for the deal asking for 3.25 new Glencore shares for every Xstrata share, up from the 2.8 on offer.After Qatar bought 311 million shares, up from 66.6m only a few months earlier, the Qatari sovereign wealth fund's role became vital to the success of the merger.Under the voting structure, known as a scheme of arrangement, only 16.48 percent of Xstrata shareholders can block the transaction.This, however, excludes Glencore's 34% holding in Xstrata.In July 2012, Xstrata announced that shareholders would vote on 7 September, on the miner's merger.This gave Qatar six weeks to iron out an agreement.However, after a series of late night talks that ended hours before a scheduled shareholder vote on 7 September, Glencore appeased Qatar and raised its offer for Xstrata.But in a surprise turn of events, it was announced that Glencore's Glasenberg would now be the leader of the combined group and no longer Davis' deputy.Glencore proposed a revised offer of 3.05 new shares for every share it does not already own.In October last year, Xstrata gave its blessing to the revised bid from Glencore.One month later, Qatar said it would vote on two key resolutions on the takeover but will abstain from voting on any executive management-related retention plans.Finally on 20 November 2012, Glencore shareholders vote in favour of its $31bn takeover of Xstrata. With Glencore and Xstrata set to unveil the details of their $90bn (£56.9bn) mining and commodities mega-merger, here is a step-by-step explanation of how … However, other analysts felt the merger of the two firms offered a good deal.Richard Knights of Librium Capital said: "We think this looks a good deal for Xstrata shareholders, they gain access to some very fast growing assets and a world class trading platform.
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