A PYMNTS Company

EU/China: Final hurdle cleared in $30B Glencore mining buyout

 |  April 16, 2013

Trading and mining giant Glencore has reportedly welcomed news that China’s antitrust officials have cleared the company from its last hurdle in efforts to acquire mining company Xstrata for $30 billion. The approval was granted after Glencore agreed to divest a mining project worth $5.2 billion in Peru to ease competition concerns within the copper market. Authorities will require the company to find a buyer by the end of August 2014. Together, Glencore and Xstrata control about 7 percent of the world’s copper supplies.

Full Content: Chicago Tribune

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.