Australia Clears Glencore, Xstrata Merger

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.