Glencore extends Xstrata merger deadline to May
GENEVA (AP) — Commodities trader Glencore says its expected merger with mining company Xstrata PLC will take longer than planned to allow Chinese regulators to give approval.
Glencore, which supplies raw materials such as oil, copper and wheat and owns plants, warehouses and mines, says the deadline for the merger was extended to May 2 and is "conditional" on Chinese regulatory approval and other court matters.
The company, based in Switzerland, said in a statement Tuesday it had "constructive discussions" with China's Ministry of Commerce that are in their final stages, but it does not expect regulatory approval before April 16, the previous deadline.
Last year, Glencore and Xstrata, the world's biggest exporter of thermal coal which also produces copper, nickel and zinc, agreed on a merger that would create an industry giant.