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Xstrata Tribunal approves Glencore merger

January 23 2013 at 08:00am
By Reuters

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The Competition Tribunal yesterday gave the green light to the proposed takeover of global mining company Xstrata by commodities trader Glencore. However, the tribunal attached some conditions to the $33 billion (R293bn) deal to limit the merger’s impact on job losses in the mining sector. One of the conditions stipulated that job losses among skilled workers be limited to a maximum of 80 workers, the tribunal said. Job losses among unskilled or semi-skilled workers should be limited to 100 and could only take place more than two years after the merger had been fully approved by all affected jurisdictions, it said. The job loss conditions do not include voluntary leave or early retirement packages and will also not apply to workers who refuse to be redeployed. – Reuters


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