Glencore shareholders back Xstrata merger

Glencore shareholders voted overwhelmingly in favour of the merger with Xstrata this morning, paving the way for the £56bn commodity tie-up.

More than 99 per cent of Glencore investors were in favour of the merger, which looks set to be voted through today.

After nine months of negotiations, Xstrata investors are due to meet in Zug, Switzerland, at 1pm GMT today.

Stakeholders are widely expected to green-light the deal – sweetened in September to 3.05 new shares for each Xstrata share – but vote against the management incentive arrangements.