Glencore International has delayed its $76 billion merger with Xstrata until early May. The finalization, according to officials, is pending the receipt of Chinese regulatory approval and completion of Xstrata’s court process giving effect to European Commission mandates; both Xstrata and Glencore have a presence on the mainland where their minerals are sold and traded.
Glencore officials say they have had constructive discussions with the Ministry of Commerce of the People’s Republic of China in their final stages; neither Glencore nor Xtsrata officials anticipate Chinese approval before the end of April.
The merger date has been pushed back several times. In March, company officials extended the closing date to April 16 owing to the Chinese review, behind approval in South Africa. The merger would unite Xstrata’s coal, copper, nickel and zinc operations with Glencore’s expertise and strength in trading commodities.
