International Plc has once again had to push back the
completion date for its $33-billion merger with mining company
Glencore told shareholders March
1 that it wont be possible to complete the deal by March
15, a date that it described in January as the "long stop date"
for finalizing the agreement (
amm.com, Jan. 18).
The transaction, which will
create the worlds fourth-largest diversified
minerwith a large presence in such markets as zinc,
ferrochrome, coal and copperhas been approved by
regulators in Europe and South Africa.
However, Baar, Switzerland-based
Glencore and Zug, Switzerland-based Xstrata are waiting for
Chinas Ministry of Commerce to ratify the deal.
There has been no suggestion
that Chinese authorities will seek to block the deal, observers
said, although they noted that Glencore had made some
concessions in the process of winning approvals from other
regulators. For example, it reached a deal on coal supply to
mollify concerns in South Africa and promised not to buy zinc
from Zurich-based Nyrstar NV for 10 years to win the approval
of European Union regulators.
A version of this article
was first published by AMM sister publication Metal