Fin24

Huge backing for $31bn Xstrata takeover

2012-11-20 11:42

London - Shareholders in commodity trader Glencore voted overwhelmingly on Tuesday in favour of its long-awaited $31bn takeover of miner Xstrata.

Glencore, which is controlled by its management team and is already Xstrata's largest shareholder, has offered 3.05 new shares for every Xstrata share which it does not already own.

Glencore said 99.4% of voting shareholders supported the resolution on the tie-up.

Xstrata shareholders vote later on Tuesday, with a first meeting scheduled for 15:00.