Belfast Telegraph

Boost to merger after board backs new plan

Multibillion-pound plans for the creation of a new natural resources powerhouse have been revived under a last-ditch deal.

The board of mining giant Xstrata has recommended that its shareholders back updated merger proposals with trader Glencore.

The £56bn merger has turned into a long-running saga since being proposed in February amid shareholder discontent over the terms.

One of the most contentious issues has been a £227m retention package for top managers, with several shareholders threatening to block the tie-up unless the bonuses are toned down.