AP News

News Summary: Glencore revises Xstrata deal terms


NEW OFFER: Glencore revised its offer for Xstrata, saying the Anglo-Swiss miner's chief executive, Mick Davis, can lead the merged company for six months before handing over the reins to the Swiss commodities trader's Ivan Glasenberg. On Friday, Glencore had said it wanted its CEO to lead the company.

HIGHER BID: Glencore also reiterated its offer of 3.05 shares for each Xstrata share that it proposed Friday, up from its original 2.8 shares offer.

MULLING IT OVER: Xstrata's independent directors are considering the revised offer and will consult with major shareholders. They promise to announce by Sept. 24 whether they intend to put the Glencore offer to a shareholder vote, which would need approval by 75 percent of shareholders.


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