Glencore takeover of Xstrata approved

The takeover of mining company Xstrata by commodities trader Glencore International has been approved by shareholders.

The news has seen chairman John Bond step down after his proposals for a £140m “retention bonus” were rejected. Bond will step down after the merger.

Xstrata chief executive Mick Davis says: “Glencore Xstrata has the potential to become a very significant company in the resources world and Xstrata’s people will be a critical element of this success.

“I regret the decision of shareholders not to approve these retention arrangements for the members of my senior and operational management deemed crucial to the success of the combined group as, in my view, this introduces unnecessary risks to the merged company’s future value proposition.”