Arab Today, arab today china\s regulator approves glencore merger
Last Updated : GMT 04:05:52
Arab Today, arab today
Arab Today, arab today

China\'s regulator approves Glencore merger

Arab Today, arab today

Arab Today, arab today China\'s regulator approves Glencore merger

Zurich - AFP

A long-awaited merger between Swiss commodities trader Glencore with mining giant Xstrata has won a green light from China's regulator, clearing a key final hurdle, Glencore announced Tuesday. Glencore said in a statement that Beijing had given its backing on condition that once the merger was completed, the combined group sells its interest in the Las Bambas copper mine project in Peru to Chinese-approved players by the end of September 2014. Thanks to China's approval, Glencore said, the merger is now expected to go ahead on May 2 after court hearings to finalise the details. Xstrata shares are to be delisted in Switzerland on May 3. China also set supply conditions on the future minerals and mining powerhouse, which will rival top global commodities companies such as BHP Billiton, Vale and Rio Tinto. "For a period of eight years from 1 January 2013, Glencore will continue to offer to supply Chinese customers with a minimum volume of copper concentrate annually under long-term contracts," it said. Similar conditions were set for the zinc and lead markets. Glencore also announced that the current chief executive of Swiss-based Xstrata, Mick Davis, had agreed not to take up the same role in the merged group. Davis initially had been due to take the helm of the combined operation for six months, but Glencore's chief executive Ivan Glasenberg is to assume that role instead. Davis will receive a 4.6-million-pound (5.6-million-euro, $7.0-million) compensation package, Glencore said. In a separate statement, Xstrata said that other members of its management team had announced that they planned to leave the group. Chinese approval for the merger was the last one needed since the European Commission and South African competition authorities had already given the deal a green light. Glencore and Xstrata's shareholders had voted in favour of the merger last November, with a view to sealing the deal by the end of 2012. That target was pushed back to March 15, before again being shifted to April 16 due to delays in China's regulatory approval. Glencore underlined that it had fulfilled a European Commission requirement to halt its contracts in Europe with Belgian group Nyrstar, the number one player on the global zinc market. Nyrstar said that Glencore had paid it 44.9 million euros for breach of contract. In early afternoon trading Tuesday in London, Glencore's shares were up 2.0 percent to 327.55 pence, while those of Xstrata had jumped 3.08 percent to 996.1 pence, with the overall FTSE index down by 0.21 percent. In Zurich, meanwhile, Xstrata's share were up 3.64 percent at 14.25 Swiss francs. Glencore is not listed in Switzerland. Glencore was founded in 1974 as Marc Rich + Co AG. It started out with a focus on ferrous and non-ferrous metals, minerals and crude oil, before expanding into oil products shortly thereafter. It employs almost 3,000 people in its global marketing operations in some 50 offices in over 40 countries, while its industrial operations involve over 58,000 people in 33 countries. The roots of Xstrata, meanwhile, lie in Swiss infrastructure company Sudelektra AG, founded in 1926. The company was renamed Xstrata AG in 1999, and in October 2001 Davis and the rest of the current team joined the business.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s regulator approves glencore merger Arab Today, arab today china\s regulator approves glencore merger

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\s regulator approves glencore merger Arab Today, arab today china\s regulator approves glencore merger

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday