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London - Miner Xstrata said September 7 was the new date for
a shareholder vote on its planned $26bn takeover by Glencore, after changes to
retention deals for executives forced it to push back a meeting initially
planned for this week.
The delay will give commodities trader Glencore, Xstrata’s
largest shareholder, weeks more to hammer out a deal over the terms of the
takeover with rival shareholder Qatar, which is demanding better terms - easing
speculation that the current deadlock between the two could put the tie-up on
ice.
Xstrata shareholders had been due to meet on July 12, but
the miner said last month it would adjust retention packages for its executives
in response to shareholder outcry over the mostly cash deals, forcing the vote
to be postponed.
While the September 7 date is still moveable, sources
familiar with the matter and analysts said it marked a deadline of sorts and a
goal for the talks between Glencore and Qatar, which owns 11% of the miner.
Oil-rich Qatar, which has built the second-largest stake in
the miner, said last week it was firm in its demand for Glencore to improve its
offer to 3.25 new Glencore shares for every Xstrata share held, up from the 2.8
on offer.
Xstrata also said on Wednesday that it continued to expect
the merger to complete in the fourth quarter.
Antitrust reviews were progressing, it said, with an ongoing process in China and South Africa and constructive discussions with the European Union ahead of a formal notification, expected in coming weeks.
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