Xstrata boss offered $45 million to stay after merger with Glencore
June 1 , 2012
The head of Anglo-Swiss mining firm Xstrata has been offered almost $45 million to stay on after its merger with Glencore is completed.
Chief executive Mick Davis will receive $14.7 million as "retention payments" for each of the next three years. The decision is subject to the approval of shareholders.
The merger with the world's biggest commodity trader will create a company valued at $90 billion. Of that, $39 billion will come from Xstrata.
The new firm will be the world's biggest exporter of coal for power plants and the largest producer of zinc.