Glencore says offer for miner Xstrata is 'fair'

LONDON – Glencore Xstrata told investors on Friday it would return excess cash, slash costs and might sell unwanted assets, raising expectations it would easily exceed planned synergies of US$500-million from the deal that created the new group.

LONDON (Reuters) - Commodit

LONDON (Reuters) - Activist investor Knight Vinke Asset Management, a top 20 investor in Xstrata , has criticized the miner's non-executive directors for failing to demonstrate sufficient independence in its protracted merger talks with trader Glencore . The New York-based investment firm said the "merger of equals" recommended by Xstrata's board on Monday would in reality effect a change of control, with CEO Mick Davis replaced by Glencore's Ivan Glasenberg. Knight Vinke said it would consult other investors with a view to taking steps to strengthen the board's independence. ...

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.

LONDON (Reuters) - Gl

LONDON/ZUG, Switzerland — Glencore Xstrata Chairman John Bond surprised investors on Thursday by announcing he had been voted out of the top job at the miner and trader at the group’s first annual shareholders’ meeting. Bond gave no explanation, but as the meeting began in Zug, Switzerland, he handed responsibility for chairing the gathering to former BP boss Tony Hayward, the company’s senior independent director. The results of the shareholder vote are due to be published by Glencore shortly.