Proposal received from Glencore
Zug, 7 September 2012
The Board of Xstrata plc (“Xstrata”)
has received a proposal from Glencore International plc (“Glencore”) to amend
the terms of the merger of Glencore and Xstrata.
This is not a firm offer. Any elements
of the proposal remain subject to change and the proposal also remains subject
to Xstrata plc Board approval.
The proposal envisages an increase to
the merger ratio to 3.05 Glencore shares for every Xstrata share, changes to the
proposed governance arrangements including Ivan Glasenberg to become CEO of the
combined group and the ability for Glencore to structure the transaction as a
takeover offer or as a scheme of arrangement of Xstrata.
In order that Xstrata Independent
Directors and Xstrata Shareholders may consider the proposed amended terms, a
resolution will be proposed at Xstrata’s Court Meeting and the New Xstrata
General Meeting to adjourn the meetings to a date to be fixed and notified to
Shareholders.
This announcement has not been made
with the consent of Glencore. A further announcement will be made in due
course.
Ends
Neither the content of the
company's website nor the content of any other website accessible from
hyperlinks on the company's website is incorporated into, or forms part of, this
announcement.
About Xstrata plc
We are a major producer of a range of
vital commodities used in everything from constructing buildings and delivering
electricity, to developing jet engines and mobile phones. We are one of the top
five global producers of copper, thermal and metallurgical coal, ferrochrome,
zinc and nickel and we also produce silver, lead, platinum, gold, cobalt and
vanadium.
Founded in 2002 and headquartered in
Switzerland, we operate in over 20 countries and employ over 70,000 people at
more than 100 operations and projects around the world. We work in a responsible
and sustainable way, with an entrepreneurial spirit and dynamic approach.
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