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Glencore International completes merger with Xstrata

Glencore_International_comp

Global commodities trader Glencore International has announced the completion of its long-awaited multibillion dollar merger with Xstrata, to form one of the world's biggest mining companies.

The combined entity, Glencore Xstrata, is estimated to have a market value of up to $76bn.

The completion of the merger was originally proposed in February 2012, but has been delayed several times, primarily due to concerns about the combined entity's influence on global commodity markets.

The final hurdle was cleared last month upon receiving approval from China's antitrust authority.

In exchange, Glencore agreed to sell its $5.2bn stake in Xstrata's Peruvian copper mine Las Bambas, to a buyer approved by the Ministry of Commerce of the People's Republic of China (MOFCOM) before 30 September 2014.

By agreeing to sell its stake in Las Bambas, Glencore has reduced its share in the copper market, addressing one of the main concerns of Chinese authorities and several shareholders, the BBC reported.
Glencore has also agreed to eight-year contracts involving the supply of copper, zinc and lead to Chinese consumers.

 
 
 
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