Xstrata investors revolt over Glencore merger and pay The offer values the miner at about £37bn, effectively constituting a £24bn offer for the block of the company Glencore does not already own. Xstrata chairman Sir John Bond on Tuesday described the deal as "fair and reasonable," in the wake of a slew of comments from his shareholders arguing that it undervalues the miner. However, he acknowledged that its "prospects as a standalone company remain very strong." Royal London Asset Management was among those voting against the remuneration report and has notified Xstrata of its concerns. Defending the set-up, an Xstrata spokeswoman said: "Our pay structure is linked to performance. We achieved excellent and, in many cases, record performance in 2011 despite challenging markets. Some 21pc did not back senior independent director David Rough. The meeting came as Xstrata reported a mixed bag of first-quarter production, with copper output down 18pc. The decline had been largely expected as older assets reached the end of their lifetimes and were wound down. Xstrata said 2012 would be a "transition year" for its copper business as it ups production. Coal output increased 9pc on the same period last year as it recovered from the impact of bad weather that hampered some operations in 2011. Xstrata said wider financial performance was "strong" and that its major projects continued to progress and "remain on schedule." Shares in Xstrata rose 2.2pc to £12.05.