PAPERS RELATING to commodities trader Glencore’s $37 billion takeover of miner Xstrata will be sent to shareholders a month later than previously anticipated, the companies said yesterday.
Glencore and Xstrata said they still expected to receive all relevant approvals to enable completion of the merger in the third quarter of 2012 and described discussions with regulatory authorities as constructive.
The delay to the paperwork will give the firms time to hold more extensive talks with European Commission competition regulators prior to an official notification about the $90 billion combination.
That notification, once acknowledged by the commission, will kick off a 25-day period in which the regulator will decide whether to approve the deal or begin an inquiry into the plan to create the world’s fourth-largest miner.
The companies have said the deal would face commission anti-trust scrutiny, kicking off a global regulatory process that could take months.
The papers relating to the merger are now set to be distributed to each company’s shareholders by the end of May 2012 instead of in April. – (Reuters)
PAPERS RELATING to commodities trader Glencore’s $37 billion takeover of miner Xstrata will be sent to shareholders a month later than previously anticipated, the companies said yesterday.
Glencore and Xstrata said they still expected to receive all relevant approvals to enable completion of the merger in the third quarter of 2012 and described discussions with regulatory authorities as constructive.
The delay to the paperwork will give the companies time to hold more extensive talks with European Commission competition regulators prior to an official notification about the proposed $90 billion combination.
That notification, once acknowledged by the commission, will kick off a 25-day period in which the regulator will decide whether to approve the deal or begin an in-depth investigation into the plan to create the world’s fourth-largest miner.
The companies have said the deal would face commission anti-trust scrutiny, kicking off a global regulatory process that could take months.The documentation relating to the merger is now anticipated to be distributed to each companys shareholders by the end of May 2012 instead of in April as originally announced in February. - (Reuters)
