Bloomberg News

Standard Life to Vote Against Xstrata-Glencore Deal on Value

February 07, 2012

Feb. 7 (Bloomberg) -- Standard Life Investments Ltd. said it plans to vote against the proposed merger between Xstrata Plc and Glencore International Plc.

“Although we see some merit in the merger of Xstrata and Glencore the proposed exchange ratio clearly undervalues Xstrata’s assets and future earnings contribution,” David Cumming, head of equities at Standard Life Investments, said in an e-mailed statement today. “Consequently it is our intention to vote against the deal unless the merger terms for Xstrata shareholders are materially improved.”

To contact the editor responsible for this story: Tony Barrett at tbarrett4@bloomberg.net


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