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Xstrata boss offered $45 million to stay after merger with Glencore

  • 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.