Arab Today, arab today glencorexstrata merger finally complete
Last Updated : GMT 16:29:18
Arab Today, arab today
Arab Today, arab today

Glencore-Xstrata merger finally complete

Arab Today, arab today

Arab Today, arab today Glencore-Xstrata merger finally complete

Geneva - AFP

The long-awaited merger between Swiss commodities trader Glencore and mining giant Xstrata was completed on Thursday and the new company will be listed on stock exchanges in London and Hong Kong, it said. As of Thursday, "the entire issued ordinary share capital of Xstrata is owned by the Glencore Group," the new company said in a statement, adding that the company's new joint name "is expected to become effective in Jersey later today." Glencore Xstrata thus takes the stage alongside leading global commodities companies such as BHP Billiton, Vale and Rio Tinto. Trading in the new Glencore Xstrata shares will begin in London on May 3 starting at 9:00 am (0800 GMT), while Hong Kong trading of the shares will start at 9:30 am (0130 GMT) on May 6, it said. At the same time, Xstrata will be delisted from the London stock exchange on Friday and from the Swiss stock exchange on Monday. Shareholders will receive 3.05 new Glencore shares for each of the shares they currently hold, said the new company, which now counts Xstrata's former non-executive director John Bond as its chairman. Glencore chief executive Ivan Glasenberg will wear the same hat in the new company. 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 due to delays in China's regulatory approval, which finally came through last month.

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