SINGAPORE Glencore International Plc and Xstrata Plc have pushed back the completion date of their $33-billion merger for a second time to allow for regulatory approval in China and South Africa.
The long stop date for merger is now March 15, six weeks after the Jan. 31 completion date set in December, Switzerland-based Xstrata said. The Jan. 31 date had itself been pushed back from Dec. 31 (amm.com, Dec. 13).
Glencore is scheduled to release its 2012 financial results March 5.
The parties have agreed (on) the new long stop date in order to give them the flexibility to complete the merger after the release of the preliminary results, should they determine that to be appropriate, taking into account the status of the regulatory processes in South Africa and China, the miner said in a statement.
Switzerland-based Glencore is still waiting for a go-ahead from antitrust regulators in China and South Africa but has been given a green light by the European Commission.
A version of this article was first published by AMM sister publication Metal Bulletin.