No merger bonuses for Xstrata execs
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License (according to Flickr): Attribution-ShareAlike License
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LONDON (CNNMoney) -- Shareholders in mining group Xstrata have blocked bonuses worth about $220 million promised to top executives as an incentive to stay at the company after its takeover by commodities trader Glencore. Among shareholders eligible to vote, 78% opposed a motion to approve the merger with the incentive payments. A second motion was passed allowing the deal to proceed without the "golden handcuffs." Responding to the defeat, Xstrata Chairman John Bond said he would resign once the merger had been completed and a successor identified. Chief Executive Mick Davis said he regretted the vote against the payments because it added "unnecessary risks to the merged company's future value proposition." The takeover is one of the biggest in mining and could lead to further consolidation in the industry.
People:
Chief Executive Mick Davis
Overall Sentiment: -0.50718
Relevance: 0.47981
| Sentiment | Quote |
|---|---|
| -0.171085 | Chief Executive Mick Davis said he regretted the vote against the payments because it added "unnecessary risks to the merged company's future value proposition." |
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John Bond
Overall Sentiment: -0.28435
Relevance: 0.377605
Disambiguation: BoardMemberReferences:
Ivan Glasenberg
Overall Sentiment: 0
Relevance: 0.363117
Disambiguation: References:
Key:
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Additional Info:
City: London
Overall Sentiment: 0
Relevance: 0.482729
Disambiguation: AdministrativeDivision | GovernmentalJurisdiction | OlympicHostCity | PlaceWithNeighborhoodsReferences:
City: Hong Kong
Overall Sentiment: 0
Relevance: 0.326161
Disambiguation: HumanLanguage | AdministrativeDivision | Country | GovernmentalJurisdiction | BodyOfWater | CuisineReferences:
Continent: Europe
Overall Sentiment: 0.190555
Relevance: 0.33844
Disambiguation: References:
Company: Xstrata
Overall Sentiment: 0.113023
Relevance: 0.757035
Disambiguation: References:
Company: Glencore
Overall Sentiment: 0.0225728
Relevance: 0.476069
Disambiguation: References:
Organization: European Commission
Overall Sentiment: 0
Relevance: 0.340789
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Source Webpage: No merger bonuses for Xstrata execs
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Shareholders in mining group Xstrata have blocked bonuses worth about $220 million promised to top executives as an incentive to stay at the company after its takeover by commodities trader Glencore.
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No merger bonuses for Xstrata execs
Provided Keywords:
- bonus
- CNNMoney
- commodities
- executives
- glencore
- incentive
- increntive
- mark thompson
- merger
- mining
- retention
- shareholders
- takeover
- xstrata
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