Pirc urges Xstrata investors to reject Glencore bid

One of Britain's leading shareholder advisory groups has urged Xstrata investors to reject the commodities trader Glencore's $33bn (£21bn) takeover offer.

Pirc said it was concerned over the level of due diligence carried out on Glencore and insufficient independent board representation at Xstrata. It is also concerned about the "rather lucrative package" for executives should the deal go through.

Xstrata investors will be able to vote on the merger and associated pay deals on 20 November.