Xstrata boss bags £8m profit on options

published 23 October 2009

Xstrata chief executive Mick Davis has sold 1m shares in the mining giant. Davis acquired these shares by exercising options - 877,955 shares at 217.32p a share and 122,045 at 239.11p a share. The total cost of these shares was £2.2m and they were sold for a profit of nearly £8m.

Davis retains 1.38m shares in Xstrata, equivalent to 0.05% of the company. He acquired 891,396 shares in the company's rights issue earlier this year. These shares were acquired for 210p each.

Earlier in the week, FinnCap said that it preferred Anglo American to Xstrata. This comment came after Xstrata said its operating and financial performance in the third quarter remained strong.