London, England — 01 October 2012 – The Glencore and the independent Xstrata non-executive directors have reached agreement on the final terms of a revised, recommended all-share merger of equals.
Confirming this in a joint announcement released here this morning, the companies revealed that Xstrata CEO Mick Davis would become CEO of the combined group for a period of six months from the effective date. Upon his departure, Glencore CEO Ivan Glasenberg would become CEO of the combined group.
Miningreview.com is going through the lengthy statement at this moment, and further details will be provided later in the day.
Source: Xtsrata & Glencore. For more details, click here.