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Glencore International Tribunal to review Xstrata merger

November 23 2012 at 08:00am

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Local competition authorities will review Glencore International’s $32 billion (R454bn) takeover of Xstrata during Competition Tribunal hearings scheduled for next month in Pretoria. The review follows recommendations made by the Competition Commission in October that the tribunal approve the deal subject to conditions regarding employment. Glencore won EU approval for its $32bn takeover of Xstrata yesterday, after offering to end a zinc purchase agreement with Nyrstar and to sell its stake in the company. Glencore said it had noted the approval from the EU and was awaiting approval from South African and Chinese regulators before closing the transaction. The hearings will be held between December 11 and 14. – Dineo Faku


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