Glencore CEO Gary Nagle said in February that when they announced the deal, their intention was to spin out the unit, but it was always subject to what shareholders wanted. "We will consult with our shareholders, and it's the decision of the shareholders ultimately to do that," he had said then. (Reporting by Aatrayee Chatterjee and Richard Rohan Francis in Bengaluru; Editing by Shounak Dasgupta and Shinjini Ganguli)