The structure of the deal, which requires at least 75 percent of shareholders excluding Glencore to approve it, means opposition from investors representing just over 16.5 percent of Xstrata's total shareholding would be enough to derail it.
Industry analysts believe the deal will ultimately succeed but Xstrata nevertheless faced a taste of opposition from a subdued crowd of investors, as 36.5 percent of those voting rejected its pay plan, up from a hefty 31.7 percent no vote last year.
Including shares withheld, 39 percent failed to back the plan.
Mick Davis, Xstrata's chief executive, is one of the best paid top executives in the FTSE 100, taking home $5.4 million pounds last year in... read more