* Glencore $30 bln all-share bid for Xstrata confirmed in
documents
* Glencore shareholders to vote on July 11
* Xstrata shareholders vote on July 12
* Xstrata, Glencore to pay almost $200 million for advice
By Clara Ferreira-Marques
LONDON, May 31 (Reuters) – Xstrata Chief Executive
Mick Davis will get a three-year deal worth almost 30 million
pounds ($46 million) to stay at the helm once the miner joins
forces with Glencore, a windfall likely to anger some of his
shareholders.
In a document sent to investors on Thursday detailing the
terms of the long-awaited $30 billion takeover bid by trader
Glencore, Xstrata said retention deals for 73 of its
key employees would total more than 170 million pounds.
All managers and senior executives other than Davis will be
offered two-year packages to stay on after the all-share merger
is completed in the third quarter of this year, as Xstrata seeks
to hold on to its operating expertise.
Davis, a veteran miner, is well respected as the architect
behind Xstrata, a mining powerhouse largely created over a
decade.
Continued…
