Xstrata - Glencore merger update: Court sanctions scheme of arrangement

Mining giant Xstrata has reported that the High Court of Justice of England and Wales has sanctioned the new scheme to effect the all-share merger of Xstrata and Glencore.

The group reported that an application had been made to the UK Listing Authority and the London Stock Exchange requesting that the last day of dealings in, for the registration of transfers of, and disablement in CREST of, Xstrata ordinary shares be April 30th.

In addition, it said that application had been made that, from 07:30 on May 1st, the trading of Xstrata ordinary shares on the London Stock Exchange be suspended.

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The new scheme and the merger are expected to become effective on May 2nd 2013, subject to the completion of the Xstrata court process.

Glencore's share price was 0.77% higher at 321.80p by 14:02 on Monday, while Xstrata was up 0.06% at 980.50p.

MF