Glencore-Xstrata merger likely: Jeffries
Nov 09, 2012 | 05:51 PM
| Claire Hack
Tags
zinc,
Jefferies,
Glencore,
Xstrata,
merger,
Claire Hack
LONDON — The merger of Glencore International Plc and Xstrata Plc is "not a slam dunk," analysts at New York-based Jefferies Group Inc. said Thursday, but they nonetheless expect it to go ahead.
The two companies are currently awaiting a decision from the European Commission’s antitrust body and, crucially, a vote from Xstrata shareholders.
"We (do) expect the merger to close, and the merged (company) will be one of our top long-term picks in the sector," the analysts said.
The approval from the antitrust body in Europe will require remedies on Glencore’s part, including the disposal of certain zinc assets, but the analysts say that this doesn’t necessarily represent a deal breaker. ....
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