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STATEMENT IN RELATION TO PROPOSED MERGER OF GLENCORE INTERNATIONAL PLC WITH XSTRATA PLC - 15 November 2012 
 

 

The Board of QH has decided how it will vote its shares in Xstrata at the Further Xstrata General Meeting and the New Court Meeting, both to be convened on Tuesday, 20th November 2012.  In order to provide clarity to the market, QH has decided to announce its voting intentions.

QH continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger, having secured the improved exchange ratio of 3.05 new Glencore shares for every one existing Xstrata share.  With respect to the Revised Management Incentive Arrangements, QH strongly believes that retaining Xstrata’s operational management is of critical importance to the successful and stable integration of the two companies, the completion of key projects within agreed timescales and to maximising the benefits of the merger.  However, QH is conscious of the sensitivities concerning governance issues in the U.K. and does not feel it appropriate to influence the outcome either way. 

Accordingly, at the New Court Meeting QH will vote its entire shareholding in Xstrata in favour of both New Scheme Resolution 1 (to approve the New Scheme subject to the MIA resolution being passed) and New Scheme Resolution 2 (to approve the New Scheme subject to the MIA resolution not being passed); and at the Further Xstrata General Meeting, QH will abstain from voting on the MIA Resolution, whilst voting in favour of Resolution 1 (regarding procedural matters relating to Scheme implementation).