Shareholders have approved the removal of Xstrata from the name of the world’s most diversifed major, which will in future be known simply as Glencore as it heads for an unlocking of increased merger- synergy benefits by year-end.
The London-, Hong-Kong and now also Johannesburg-listed multi- commodity and world-leading marketing business headed by South African-born Ivan Glasenberg told the annual general meeting (AGM) last week that the integration of the now-complete Xstrata merger would unlock $2.5-billion a year by year-end, an increase of $349-million.
Nearly 100% of the shareholding voted for Glasenberg’s re-election as a director, with a miniscule 0.24% against.
New chairperson Tony Howard was less fortunate, however, when 5.91% of the shareholders voted down his re-election to the board, but 94.09% were in favour. He has reportedly indicated that the company will have a woman on its board before year-end.