Bloomberg News

South Africa Panel Approves Glencore-Xstrata Deal on Jobs Pledge

October 22, 2012

The South African Competition Commission recommended approving Glencore International Plc (GLEN)’s planned takeover of Xstrata Plc (XTA), subject to curbs on job losses.

Glencore agreed to limit cuts to 80 workers or less, made up of managers and specialists, the panel said in a statement. The company placed a moratorium on 100 lower-level job losses for two years after the planned merger is approved.

The panel makes recommendations on corporate mergers and acquisitions to the Competition Tribunal for final approval.

To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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