Xstrata-Glencore decision delayed for a week The revised offer from Glencore would allow Mick Davis, chief executive of Xstrata, to head up the combined company for six months before he was required to step down. One sticking point is believed to be who will take over from Mr Davis at the end of that period. The proposed structure of the new "Glenstrata" board would initially give Xstrata six board positions and Glencore five. However, if Glencore chief executive Ivan Glasenberg replaced Mr Davis that composition may change. Some shareholders have also been unhappy at proposed retention bonuses that would see key Xstrata executives receive multi-million pound bonuses just for staying at the merged business. Discussion on these payments is also believed to be unresolved. "They are clearly struggling," said Charles Newsome, investment director at Investec. It's a difficult deal for them to pull off because of the way it is structured. I've been quite uncomfortable with this all the way along. I'm a bit concerned about it. The proposed all-share merger would create the world's fourth-largest mining group, with a significant trading arm to market its mined product and a sizeable balance sheet for more acquisitions.