The planned merger of commodities trader Glencore and miner Xstrata is taking longer than expected, as the pair seek to placate the authorities' monopoly concerns.
The companies continue to expect to receive all relevant approvals to enable completion of the merger in the third quarter of 2012, as previously announced, but documentation relating to the merger is now anticipated to be distributed to each company's shareholders by the end of May 2012 instead of in April as originally announced on February 7th, 2012.
Respective shareholder meetings to approve the merger are expected to be convened in early July 2012.
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The proposed merger, which has attracted criticism from some prominent Glencore shareholders concerned that the terms overvalue Xstrata, was notified to the European Commission under the European Union merger regulation back in February.
Glencore has a 34% stake in Xstrata.
JH
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