New date for merger showdown

  • @BawdenTom

Mining giant Xstrata named 7 September as the new date for shareholders to vote on its controversial, £57bn merger with the Glencore commodities trading group.

The vote, which had originally been scheduled for today, has been postponed after widespread investor hostility towards the price and terms of the deal.

Shareholders such as Qatar's sovereign wealth fund and Standard Life have a range of concerns, including a potential £29m retention bonus due to Mick Davies for running the group for three years after the merger, and the price Glencore is paying for what is effectively a takeover of Xstrata.