Arab Today, arab today china\s regulator approves glencorexstrata merger
Last Updated : GMT 09:32:41
Arab Today, arab today
Arab Today, arab today

China\'s regulator approves Glencore-Xstrata merger

Arab Today, arab today

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

Beijing - 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.

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

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
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