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U.K.: Glencore/Xstrata merger approved, mega-bonuses vetoed, chairman quits

By  |  November 20, 2012
U.K.: Glencore/Xstrata merger approved, mega-bonuses vetoed, chairman quits

Shareholders approved Tuesday the proposed $31 billion merger between Glencore International and mining company Xstrata, though proposed bonuses for top executives of the company – ranging in the multimillions of dollars – did not fair so well among the voters. As a result, the chairman in line for the merged entity, John Bond, announced that he will be resigning after the merger was complete. Approval from antitrust authorities is all that remains for the merger to get a complete green light.

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