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The Australian reported Glencore’s (LSE:GLEN) acquisition of Xstrata (LSE:XTA) has been approved by the Australian Competition & Consumer Commission.
The Australian reported Glencore’s (LSE:GLEN) acquisition of Xstrata (LSE:XTA) has been approved by the Australian Competition & Consumer Commission.
As quoted in the market news:
The Australian Competition & Consumer Commission yesterday said it would not oppose the merger, which is struggling to gain traction in the face of a hostile reception from minority shareholders in Xstrata, 34 per cent-owned by Glencore, the Swiss-based commodities trader and mining company.
The ACCC said that after a 47-day review of the proposed merger, by way of a Glencore takeover of Xstrata, it had come to the conclusion that it was “unlikely to cause a substantial lessening of competition in any of the relevant Australian markets” for copper, nickel, cobalt, zinc, lead and steaming-coking coals.
Click here to read the full Australian report.