Zug, Switzerland — 12 July 2012 – The court meeting originally convened for today to approve the scheme of arrangement in respect of the recommended all-share merger of equals between Xstrata and Glencore International plc has been adjourned to Friday 7 September 2012.
A statement issued here by Xstrata said that a new extraordinary general meeting would also be convened for Friday 7 September, to follow the court meeting.
Xstrata’s supplementary scheme circular, containing the detailed terms of the Amended Management Incentive Arrangements, and details of the shareholder meetings to be held on 7 September 2012, will be posted to Xstrata shareholders as soon as Glencore’s supplementary prospectus has been finalised. The terms of the merger remain otherwise unchanged.
Since publication of the scheme circular on 31 May, the Australian Competition and Consumer Commission has approved the transaction and the US Department of Justice has allowed the Hart-Scott-Rodino waiting period to expire without taking any action or seeking any type of remedy. The merger review process is ongoing in both China and South Africa and the parties continue to engage in constructive discussions with the European Commission ahead of formal notification of the transaction.
Glencore and Xstrata continue to anticipate completion of the merger early in the fourth quarter of 2012.
Source: Xstrata. For more information, click here.