A second vote is about to take place that would determine whether Xstrata will approve the deal without the $223 million retention package. The key to the vote is which way Qatar’s sovereign wealth fund will swing. The Qataris did not want to be in this deciding position, but it was perhaps inevitable given the split among Xstrata shareholders.
Glencore’s all-stock offer for Xstrata, if it is approved, would create a $67 billion commodities and mining giant. Even if the deal is approved, there are some regulatory hurdles still to be overcome.