Glencore shareholders back Xstrata takeover

LONDON Tue Nov 20, 2012 7:08pm IST

1 of 3. The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. Shareholders in miner Xstrata are expected to give the green light on Tuesday to a long-awaited $31-billion takeover by commodities giant Glencore, paving the way for one of the largest tie-ups in the sector to date.

Credit: Reuters/Arnd Wiegmann



LONDON (Reuters) - Shareholders in commodity trader Glencore (GLEN.L) voted overwhelmingly on Tuesday in favor of its long-awaited $31 billion takeover of miner Xstrata XTA.L.

Glencore, which is controlled by its management team and is already Xstrata's largest shareholder, has offered 3.05 new shares for every Xstrata share which it does not already own.

Glencore said 99.4 percent of voting shareholders supported the resolution on the tie-up.

Xstrata shareholders vote later on Tuesday, with a first meeting scheduled for 1300 GMT.

(Reporting by Clara Ferreira-Marques; Editing by Keith Weir)