vote will not pass. Glencore will also not vote its shares.
Glencore, Xstrata's largest shareholder with a 34-percent stake, is offering 3.05 new shares for every Xstrata share to make good finally on its hopes of forging a mining and trading combine that can give it greater clout in global markets. The shares closed on Monday at prices implying a ratio of 2.92.
When Tuesday is over, however, shareholders and Glencore itself could be focusing on the task ahead, including potential non-core asset sales, an overhaul of Xstrata's project pipeline and even potential future deals. Glencore, Stanojevic said, is one of few unashamed buyers at a time of frugal spending.