Glencore CEO Ivan Glasenberg
JOHANNESBURG (miningweekly.com) – 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) on Tuesday 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.
All the ordinary and special resolutions presented in the AGM notice and the effective date of the new issuer name, Glencore plc, will come into effect on the JSE on May 23, with an unchanged GLN share code 2014.
Ninety offices in 50 countries underpin Glencore’s activities.