The chief executive of Glencore has offered the head of Xstrata’s biggest division a large bonus to stay on after the merger of the two companies.
Ivan Glasenberg summoned Charlie Sartain, head of Xstrata copper, to Switzerland in an attempt to prevent him quitting the company.
He is anxious for Mr Sartain, who recently sold millions of pounds worth of shares, to stay as a co-head of the new copper division alongside Glencore’s copper chief, who would focus on trading rather than production.
The negotiations come despite Xstrata’s shareholders conclusively rejecting a £140 million bonus package that was proposed by the board to accompany its merger.
Shareholders have mixed views about the new pay negotiations. They are resigned to giving Mr Glasenberg some freedom to