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Glencore, Xstrata merger clears final hurdle

Tuesday - 4/16/2013, 10:31am  ET

GENEVA (AP) -- Commodities trader Glencore says its merger with mining company Xstrata PLC has cleared its final hurdle after Chinese regulators approved the deal.

The Swiss-based supplier of raw materials such as oil, copper and wheat says the merger was approved by China's Ministry of Commerce subject to certain conditions.

Among those, says Glencore, which also owns plants, warehouses and mines, is that it must sell its post-merger ownership in Les Bambas, an Xstrata copper project in Peru.

Glencore said Tuesday it also must continue to supply Chinese customers with a minimum volume of copper concentrate for eight years.

Glencore and Xstrata, the world's biggest exporter of thermal coal which also produces copper, nickel and zinc, agreed last year on a merger that would create an industry giant.


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