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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
UK growth: opportunities amid tariff turbulenceIain McCombie, joint manager of the Baillie Gifford UK Growth Trust, explains how adaptable UK companies in growth-driving sectors can prosper over the long term despite international trade restrictions.
-
These British stocks are a bargain – should you buy?From high street favourites such as Sainsbury’s and Greggs to healthcare firms, these stocks are trading at a heavy discount
