EU gives conditional approval to Glencore-Xstrata agreement
November 24, 2012, 12:26 am TWN
BRUSSELS -- The European Commission on Thursday gave a conditional green light to the massive tie-up between Swiss mining giant Xstrata and commodities trader Glencore.
Shareholders of Glencore and Xstrata — both headquartered in the tax haven of Zoug in Switzerland — on Tuesday overwhelmingly approved a merger of the two firms to create a goliath capable of out-muscling nearly everyone in their field.
Glencore and Xstrata said last month they hoped the combined company, with a market capitalisation of around 67 billion euros (US$85.5 billion) and with a combined turnover of US$209.4 billion, could come into being by the end of the year.