Xstrata board approves Glencore 'mega merger'

The planned merger of Glencore and Xstrata has been given the green light by Xstrata's independent board members, who have backed Glencore's revised $33bn bid for the company.

The deal has faced stern opposition from a number of Xstrata's top ten shareholders.  Qatar's sovereign wealth fund, the second biggest shareholder in Xstrata, is one of a handful of investors who were seeking improved terms.  However, the Xstrata board has approved the merger, providing shareholders also back a plan to retain key managers. Speaking to Reuters, John Bond, chairman of Xstrata said: "Without the ability to retain key Xstrata managers to run the combined group's mining operations...