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Xstrata board recommends Glencore deal

Xstrata has voted in favour of the revised Glencore merger, with additional focus on pay

Xstrata's board of directors recommended Monday that its shareholders vote in favour of Glencore revised merger proposal and an executive pay package it says is vital for the deal, but made some adjustments to the voting structure in order to prevent a logjam over retention bonuses from derailing the historic tie-up.

The recommendation includes a new shareholder voting structure that was drafted after three weeks of consultation with shareholders. The companies were forced to re-cut the deal after Xstrata shareholders threatened to vote it down on its original terms.

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