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
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.