(Updates with company reaction)
LONDON--Mick Davis, the chief executive of mining giant Xstrata
PLC, could receive a payout of around 38 million British pounds
($60.8 million), should a takeover by Glencore International PLC go
ahead, the Sunday Telegraph reports.
According to the newspaper, Mr. Davis is likely to receive a
payoff of at least GBP8 million, and could cash-in company shares
of up to GBP30 million, should Glencore's takeover, which came to
light Friday, proceed.
Officials at Xstrata and Glencore declined to comment.
The proposed "merger of equals" between Glencore and Xstrata
took a turn Friday when Glencore submitted a new, $36 billion
offer, for Xstrata. Glencore's revised offer also called for
Glencore's chief executive, Ivan Glasenberg, to become chief
executive officer of the new company--a major departure from the
original proposal that saw Mr. Davis as CEO.
An attempted rapprochement between Glencore and holdout Xstrata
investor Qatar Holding LLC ahead of a crucial shareholder vote
Friday was achieved with the help of former U.K. Prime Minister
Tony Blair, according to people familiar with the matter.
According to The Sunday Times, Mr. Blair received $1 million for
his mediation.
Newspaper website: http://www.telegraph.co.uk
Alex MacDonald and Dana Cimilluca contributed to this
report.
Write to London Bureau at generaldesklondon@dowjones.com
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