'Glenstrata' merger review process still ongoing
Xstrata has said that the merger review process relating to its controversial tie-up with commodities giant Glencore is still ongoing in the European Union.
Xstrata has said that the merger review process relating to its controversial tie-up with commodities giant Glencore is still ongoing in the European Union.
"Xstrata understands that Glencore now anticipates that it will file formal notification of the merger with the European Commission in September," the mining firm said.
Meanwhile, the review process is still taking place in China and South Africa.
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
Potential risks to the merger have increased in recent weeks as speculation mounts about growing opposition from Xstrata shareholders who are expected to vote on whether or not to block the deal next month.
The main sticking point is the exchange ratio of 2.8 Glencore shares per Xstrata share, which some shareholders such as Qatar Holdings want to see raised to 3.2 before the vote the merger through.
However, Glencore's Chief Executive Ivan Glasenberg announced last week that the company would not bump up its offer and that the merger is "not a must-do deal".
Shares in Glencore declined on Wednesday after it was reported the Xstrata shareholder Norges Bank Investment Management had raised its stake in the miner in the last few weeks, fuelling concerns that the Norwegian fund could join forces with the Qataris to vote to block the merger.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
8 of the best houses for sale with annexes
The best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
By Natasha Langan Published
-
Zelenskyy moves to appease Donald Trump – what happens now?
Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
By Emily Hohler Published