International Plc has received approval from the South African
Competition Tribunal for its proposed merger with Xstrata Plc
following a Jan. 18 hearing, according to the company.
The mergers success now
depends largely on approval from the Chinese Ministry of
Commerce, although no word has yet been given on when or if
this might happen. It is also dependent on the completion of
the Xstrata court process, which was set out in the new scheme
document on the merger, published by Xstrata in October,
Baar, Switzerland-based Glencore
must also carry out the commitments set out by the European
Commission in order to meet the conditions of its approval.
The completion date for the deal
was recently pushed back by six weeks to March 15 in order to
allow Glencore time to release its preliminary results before
the merger is completed (
amm.com, Jan. 18).
Meanwhile, South African power
utility Eskom Holdings SOC Ltd. dropped its objections to the
merger, the companies said Jan. 18, after they reached a
confidential agreement on the future supply of coal.
A version of this article was
first published by AMM sister publication Metal