- Billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group Inc , the largest outside investor in his embattled SAC Capital Advisors, which is yanking much of its client money, according to a letter reviewed by Reuters.
FRANKFURT - New solar installations reached a fresh record of 7.5 gigawatts (GW) in Germany in 2011, playing into the hands of advocates for steeper cuts in tariff subsidies to reduce growth of solar power and the resulting higher costs for consumers.
Xstrata shareholders scrap pay plan, Glencore deal goes through
LONDON (Reuters) - Shareholders in Xstrata XTA.L dealt a blow to their board on Tuesday, ushering through a long-awaited $31 billion takeover by trader Glencore (GLEN.L) without a controversial pay plan that had been backed by the miner's directors.
In a final vote after a drawn out meeting and a complex shareholder poll, 78.4 percent of voting shareholders voted against the "golden handcuffs" plan for Xstrata managers.
That vote means an earlier resolution, in which Xstrata shareholders approved the Glencore takeover without the retention plan, is valid, and the deal goes through.
(Reporting by Clara Ferreira-Marques; Editing by Keith Weir)
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