Glencore may force Davis out

City A.M. Reporter
ONE OF Xstrata’s most prominent investors has turned up the pressure on chief exec Mick Davis, warning that he could be forced to resign as part of the tie-up with Glencore.

Standard Life head of equities David Cummings, who has spoken out against the deal, told the BBC that “to preserve the integrity of the board… they’re almost going to have to hand over to Glencore, make it a takeover rather than a merger and that might involve Mick Davis standing down”. The ABI last week censured Xstrata for attaching staff bonuses to the merger.