FTSE 100 miner’s U-turn follows investor opposition to payouts when deal completes, including estimated £8.5m to CEO

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London-listed miner Anglo American has dropped plans to award its bosses multimillion-pound bonuses if its planned $50bn mega-merger with a Canadian rival goes through, after a backlash from its investors.

The FTSE 100 miner had sought shareholder approval for a plan to award its chief executive, Duncan Wanblad, a huge share bonus if the deal to buy Teck Resources to create a copper producing giant is completed.