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.

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.

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

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?
Budget

Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?

The government has launched the biggest dash for growth in 50 years, relaunching an approach known as supply-side economics. What is the plan – and wi…
30 Sep 2022