Reuters - Video

EDITION: U.S. | U.K. | IN

Finance Videos

Shareholders agree Glencore Xstrata deal

Tuesday, November 20, 2012 - 01:24

Nov. 20 - Shareholders in Xstrata dealt a blow to their board, pushing through a long-awaited $31 billion takeover by trader Glencore but vetoing an directors pay plan. Ciara Sutton reports.

▲ Hide Transcript

View Transcript

It's one of the biggest acquisitions the commodities sector has ever seen. Glencore will pay 31 billion dollars for mining giant Xstrata. Shareholders dealt a blow to Xstrata's board, ushering through the takeover and vetoing a directors' pay plan. The company's chairman John Bond announced his resignation soon afterwards. The votes brought to an end years of tense merger talks between Xstrata and its largest shareholder, paving the way for a mining and trading powerhouse. Kevin Allison is Global Resources Columnist at Reuters Breakingviews. (SOUNDBITE) (English) GLOBAL RESOURCES COLUMNIST AT REUTERS BREAKINGVIEWS, KEVIN ALLISON, SAYING: "The size of this takeover shows that really huge mining M&A really can be done. That was an open question after financial crisis when a lot of proposed mergers between the world's biggest mining groups failed. However, just look at the difficulty both sides had getting this deal over the line. It shows it can be done, but it is very difficult. I don't see that much consolidation in the sector in the next 6-12 months ahead." Glencore Xstrata could be the 13th largest company in the FTSE 100, representing more than 2 percent of the blue-chip index. The deal still needs antitrust approval from European and Chinese regulators. But that's not considered a problem and many are already focusing on the next steps. The new company will have a vast spread of assets including mines, oil wells and farms - it's estimated combined worth is $67billion.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Shareholders agree Glencore Xstrata deal

Tuesday, November 20, 2012 - 01:24

Editors' Picks »

Most Popular »

Moving Pictures »

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

Oddly Enough »

Bad bear to attack Santa! Bad bear to attack Santa!

Thu, 18 Dec, 2014 - (0:42)

Navy unveils robot fish Navy unveils robot fish

Thu, 18 Dec, 2014 - (0:42)

French students dig WWI trench to relive warfare French students dig WWI trench to relive...

Wed, 17 Dec, 2014 - (1:16)

Santa abseils down Berlin high-rise Santa abseils down Berlin high-rise

Mon, 15 Dec, 2014 - (1:06)

The Christmas spirit heads underwater The Christmas spirit heads underwater

Thu, 11 Dec, 2014 - (1:01)

Newly released U.S. military video shows apparent airstrikes against militants in Syria Newly released U.S. military video shows...

Wed, 10 Dec, 2014 - (0:46)

Dateline Asia »

North Korea to blame for Sony hack: source North Korea to blame for Sony hack: source

Thu, 18 Dec, 2014 - (1:10)

China's child labor problem China's child labor problem

Thu, 18 Dec, 2014 - (2:19)

Measuring up North Korea's heir Measuring up North Korea's heir

Wed, 17 Dec, 2014 - (1:03)

Russia worries rock emerging markets Russia worries rock emerging markets

Wed, 17 Dec, 2014 - (1:14)

Seoul raises the "nut rage" stakes Seoul raises the "nut rage" stakes

Tue, 16 Dec, 2014 - (1:03)

Sydney in shock after hostage horror Sydney in shock after hostage horror

Tue, 16 Dec, 2014 - (1:07)

Not all merry and bright in China's manufacturing sector Not all merry and bright in China's...

Tue, 16 Dec, 2014 - (1:29)

Beneath the surface of Abe's big win Beneath the surface of Abe's big win

Mon, 15 Dec, 2014 - (1:15)

Some hostages escape from Sydney cafe Some hostages escape from Sydney cafe

Mon, 15 Dec, 2014 - (1:06)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)