LONDON May 31 (Reuters) – Xstrata Chief Executive
Mick Davis has been offered a retention package worth almost 30
million pounds to stay on at the helm once the miner joins
forces with commodities trader Glencore.
Davis, who is one of the best-paid chief executives in the
FTSE 100, has been offered a three-year deal, according to
documents sent to Xstrata shareholders on Thursday.
The documents confirmed Glencore’s offer of 2.8 new shares
for every Xstrata share held, to conclude its long-standing plan
to create an integrated mining and trading powerhouse.
At current prices, given Glencore is already Xstrata’s
single largest shareholder with an almost 34 percent stake, that
all-share offer values the takeover bid at $30 billion.
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