Glencore, Xstrata agree changes on merger deal

Associated Press


Commodities trader Glencore International and takeover target Xstrata have agreed on revised terms for paying retention bonuses for Xstrata executives.

The issue had stirred opposition among some shareholders, but the deal now also faces opposition from a major Xstrata shareholder who is demanding a bigger price.

Xstrata announced Wednesday that retention bonuses would be paid only if cost synergies exceed the previous estimate of $50 million a year. Glencore said it accepts the amended terms.

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