China OKs $34B Glencore-Xstrata Tie-Up After Concessions

Law360, New York (April 16, 2013, 1:18 PM EDT) -- China's Ministry of Commerce has cleared Glencore International PLC's proposed $34 billion merger with Xstrata PLC after Glencore agreed to sell off a mining asset and made other commitments to allay antitrust concerns, the regulator said Tuesday.

The Commerce Ministry, or MOFCOM, said in a statement it had cleared the tie-up between Glencore and Xstrata — which is valued at $34 billion and believed to be the largest ever in the mining sector — subject to certain conditions, including the divestiture of Glencore's post-transaction ownership interest...
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