Glencore and Xstrata cleared the final hurdle in their long-running merger plan on Tuesday, when China’s Ministry of Commerce conditionally backed the $35 billion deal.
The ministry said it would approve the largest merger in mining history as long as the new company sold off assets in its Las Bambas copper mine in Peru within three months – a condition which Glencore accepted.
Glencore and Xstrata had been waiting for months for China, the biggest buyer of the materials it trades and mines, to give the regulatory the go-ahead. Glencore had said it would complete the takeover by May 2 if it got Chinese approval this week.
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Michael Martina and Shao Xiaoyi, Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/ZDdrRl5cbPc/
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