Exclusive: Glencore offers to sell German smelter for Xstrata deal - sources
BRUSSELS (Reuters) - Glencore (GLEN.L) has offered to sell takeover target Xstrata's XTA.L German smelter after EU antitrust regulators said its earlier offer to scrap a key zinc sales deal was not sufficient, two people familiar with the matter said on Thursday.
"Glencore is offering Nordenham in addition to Nyrstar," one of the sources said.
The zinc smelter in northern Germany produced 148,000 tonnes of zinc last year.
Commodities trader Glencore last month proposed to the European Commission that it scrap its zinc sales deal with world No. 1 zinc producer Nyrstar (NYR.BR), a person with knowledge of the matter had told Reuters.
The offer would free up 350,000 tonnes, 16 percent of Europe's zinc market, cutting the combined entity's 50 percent share to below 40 percent, a level which typically triggers regulatory worries about market dominance.
The European Commission generally prefers asset sales to assuage competition concerns.
NEW YORK - U.S. stocks finished mostly higher on Friday, with the S&P 500 closing at a record after more jobs than expected were created in February and January's figure was revised higher.
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.