* Closing of deal to be a “personal victory” for Glasenberg
* Glasenberg to become deputy CEO of enlarged
Glencore-Xstrata
* Some investors fret on possible tensions with Davis, to be
CEO
* Shareholders to vote on deal in July
By Clara Ferreira-Marques
LONDON, May 31 (Reuters) – After years of on-off
discussions, months of talks and, finally, a deal with his
erstwhile adversary in February, Glencore’s Ivan
Glasenberg is just weeks away from votes that should seal his
dream – a tie-up with miner Xstrata.
For the highly competitive one-time champion race walker, it
has been a long-distance trek he was desperate to win.
“Ivan will see the closing of the deal as a personal
victory,” said one industry banker. “It is something he has
wanted for a long time.”
Xstrata floated in 2002 after buying up key coal assets from
Glencore, leaving the latter – founded almost four decades ago
by commodities trader Marc Rich – with what is now an almost 34
percent stake.
Continued…
