Glencore International PLC (GLNCY, 0805.HK, GLEN.LN), in an
effort to salvage a merger agreement with Xstrata PLC (XTA.LN),
would keep Xstrata Chairman John Bond at the head of the combined
companies, The Financial Times reports Sunday.
Citing "documents that went to Xstrata's board on Sunday
evening," the FT said the new proposal calls for Glencore to retain
the balanced board structure proposed in February, with Mr. Bond as
chairman and an equal number of nonexecutive directors drawn from
each company's boards.
Also, according to the FT, the chief executive officer of
Xstrata, Mick Davis, would stay on in his role at the newly merged
company for half a year, before giving the reins to Ivan
Glasenberg, the CEO of Glencore.
Newspaper website: www.FT.com
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