£20bn Glencore deal held up by anti-trust rules
LENGTHY antitrust regulatory processes in China and South Africa have forced commodities trader Glencore to delay the date for completion of its tie-up with miner Xstrata until the end of January.
South Africa’s competition authorities have postponed hearings on the £20bn deal until January 18, after the parties asked for more time to prepare. Glencore said yesterday that its “long stop date” was now January 31, a month later than previously planned.
Glencore is still awaiting a green light from antitrust authorities in China and South Africa, having already received a conditional approval from European regulators.
The merger has turned into a long-running saga amid shareholder discontent over the terms.