Shares in FTSE 100 'mega-merger' miners Glencore and Xstrata have risen strongly on hopes their tie-up could soon be fully cleared.
Traders cited a media report that Xstrata's takeover by commodities trader Glencore had cleared the final regulatory hurdle in China for a 6% rise in Xstrata's value.
Glencore, which declined to comment, saw its stock rise 5.2%.
It was later confirmed that conditional clearance had been achieved from China's ministry of commerce.
Prices correct at 11.12am It said on its website that Glencore would have to begin selling off assets in its Las Bambas copper mine in Peru within three months and provide copper, zinc and lead concentrates to Chinese clients every year during the period of 2013 and 2020 as conditions of the approval.
Glencore was expected to agree to the concessions.
The deadline for the deal to be completed has been extended a number of times, with the delays being consistently blamed on the pace of China's deliberations over its blessing.
Shareholders formally approved the tie-up last year but only after Glencore offered revised terms.
A controversial "golden handcuffs" retention plan for the miner's key managers, that would have paid out £140m, was rejected.
If the deal goes ahead, it would create the world's fourth-biggest natural resources firm.
Anda sedang membaca artikel tentang
Mining Mega-Merger 'Cleared By China'
Dengan url
http://temannyakawanya.blogspot.com/2013/04/mining-mega-merger-cleared-by-china.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Mining Mega-Merger 'Cleared By China'
namun jangan lupa untuk meletakkan link
Mining Mega-Merger 'Cleared By China'
sebagai sumbernya
0 komentar:
Posting Komentar