Glencore Takes Final Shot at Xstrata
UPI Business News -- September 11, 2012 -- Commodities trader Glencore International said take it or leave it on a new bid it made for Xstrata after shareholder Qatar Holding rejected the previous offer.The new bid comes to 3.05 of its shares for every Xstrata share, which would value the combined conglomerate at $90 billion, The New York Times reported Monday.
Wealth fund Qatar Holding was among the major shareholders that said they would vote against the previous 2.8 per share bid.
Glencore said in a statement Monday it "will not increase the merger ratio further."
The new offer comes with a different executive strategy. Mick Davis, chief executive officer of Xstrata, would take over the combined company, then step down after six months. He would then be replaced by Glencore CEO Ivan Glasenberg.
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