ZUG (dpa-AFX) - Xstrata plc (XTA.L, XSRAY.PK, XSRAF.PK) said it has received a proposal from Swiss mining company Glencore International plc (GLEN.L, GLNCY.PK, GLCNF.PK) to amend the terms of Glencore-Xstrata merger. This is not a firm offer. The proposal envisages an increase to the merger ratio to 3.05 Glencore shares for each Xstrata share, as well as changes to the proposed governance arrangements, which includes Ivan Glasenberg's appointment as the combined group's chief executive.
Additionally, the proposal envisages the ability for Glencore to structure the transaction as a takeover offer or as a scheme of arrangement of Xstrata.
In order that Xstrata Independent Directors and Xstrata shareholders may consider the proposed amended terms, a resolution would be proposed at Xstrata's Court Meeting and the New Xstrata General Meeting to adjourn the meetings to a date to be fixed and notified to shareholders.
Copyright RTT News/dpa-AFX