$36B Glencore-Xstrata Deal Gets Initial OK From South Africa

Law360, Los Angeles (October 22, 2012, 8:04 PM EDT) -- The Competition Commission of South Africa on Monday recommended that the country’s Competition Tribunal approve Swiss commodities trader Glencore International PLC’s proposed $36 billion takeover of Anglo-Swiss miner Xstrata PLC, saying the deal is unlikely to prevent or lessen competition in the African nation.

Monday’s recommendation, if accepted by the Competition Tribunal, will clear a major regulatory hurdle in the proposed purchase by Glencore, which already owns a 33.65 percent stake in Xstrata. Glencore must still obtain approval from regulators in the European Union and China,...
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