Glencore and Xstrata announced the extension of the long stop date
for the Merger from 15 March 2013 to 16 April 2013 due to the ongoing
regulatory processes in China. Glencore believes that it has had
constructive discussions with the Ministry of Commerce of the People's
Republic of China and that these discussions are now in their final
stages. However, Glencore does not expect to receive the final decision
from MOFCOM in time for the Merger to be completed by 16 April 2013.
Accordingly,
Glencore and Xstrata have agreed, with the consent of the Panel, to
extend further the long stop date for the Merger to 2 May 2013.
Completion of the Merger remains conditional upon the receipt of the
outstanding regulatory approval in China and completion of the Xstrata
court process as further set out in the New Scheme Document in
connection with the Merger published by Xstrata on 25 October 2012 and
Glencore giving effect to the commitments required by the European
Commission.
source by Commodity Insights
No comments:
Post a Comment