Glencore International Plc has again postponed the date it expects to conclude its merger with Zug, Switzerland-based Xstrata Plc as Chinese regulators continue to scrutinize the deal.
The long stop date for the merger has now been set for May 2. It was previously scheduled for March 15, then postponed until April 16 because Chinas Ministry of Commerce had not yet granted its approval.
Glencore believes that it has had constructive discussions with the Ministry of Commerce of the Peoples Republic of China and that these discussions are now in their final stages, it said. However, Glencore does not expect to receive the final decision from (the ministry) in time for the merger to be completed by April 16.
Ivan Glasenberg, chief executive officer of Baar, Switzerland-based Glencore, said last month that Chinese regulators were investigating the merged companys potential role in the copper concentrates market.
A version of this article was first published by AMM sister publication Metal Bulletin.