Glencore compromises on terms in bid to save Xstrata deal

Glencore has revised the terms of its proposed merger with Xstrata again, following a backlash from shareholders on Friday over the terms of the deal.

Ivan Glasenberg, chief executive of Glencore, is now prepared to offer the role at the combined group to Xstrata chief Mick Davis for six months before taking the lead. The new proposition could potentially see Davis exit with more than the £8m pay-off he would take under his existing contract, and an additional £28m in shares awarded under incentive schemes. His pay package has previously been the subject of fierce criticism. Commodities trader Glencore has offered 3.05 of its shares for each Xstrata share, up from its original offer of 2.8 shares, and said it would not increase the ...