Baar, Switzerland — 03 April 2013 – Leading integrated commodities producer and marketer Glencore International has announced another extension of the long-stop date for closure of its merger with Xstrata, due to ongoing regulatory processes in China.
Announcing this in a statement released here, the company confirmed that the date had been extended from April 16 to May 2.
The statement added that Glencore believed that it had held constructive discussions with the Ministry of Commerce of the People’s Republic of China (MOFCOM), and that these discussions were now in their final stages.
Completion of the merger remains conditional upon the receipt of the outstanding regulatory approval in China as well as completion of the Xstrata court process and Glencore giving effect to the commitments required by the European Commission
Glencore has been waiting for several months for China to give the go-ahead before it can complete its US$35 billion acquisition of global miner Xstrata. “But we don’t expect to receive the final decision from MOFCOM by 16 April 2013,” the statement concluded.
Source: Glencore International. For more information, click here.