Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Xstrata, Glencore In Constructive Talks With Regulators On Merger - Update

Xstrata Plc (XTA.L) and Glencore International Plc (GLEN.L,GLNCY.PK,GLCNF.PK) on Friday said they are currently engaged in constructive discussions with the regulatory authorities, including the European Commission, which require anti-trust filings to be submitted for their proposed merger.

It was on February 7 that the Swiss mining company unveiled an all-share merger of equals with its 34-percent stakeholder Glencore. The merger, dubbed the 'logical next step for two complementary businesses' would create a $90 billion natural resources group to be called Glencore Xstrata International Plc.

Following the deal, Xstrata shareholders other than Glencore would have a 45 percent stake in the combined entity.

The companies today said they continue to expect to receive all relevant approvals to enable completion of the merger in the third quarter, as previously announced.

Documentation relating to the merger is now anticipated to be distributed to each company's shareholders by the end of May instead of in April as previously said on February 7.

Shareholder meetings of both companies to approve the merger are expected to be convened in early July.

The Panel on Takeovers and Mergers has given its consent to these arrangements, the company noted.

XTA.L closed on Thursday at 1,105.50 pence, up 26.50 pence from the previous close.

Glencore shares settled higher by 2.51 percent on the LSE at 404.90 pence.

Register
To receive FREE breaking news email alerts for Xstrata Plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
This apparel maker has doubled its earnings per share in just two years and increased its annual earnings forecast from time to time, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.