Glencore pushes Xstrata merger completion back six weeks
LONDON (Reuters) - Commodities trader Glencore (GLEN.L) pushed back the date for completion of its tie-up with miner Xstrata XTA.L for the second time on Friday, citing lengthy antitrust regulatory processes in China and South Africa.
Glencore said that its "long stop date" for finalizing the $33 billion deal was now March 15, six weeks later than the January 31 date it set in December, which itself represented a month extension.
"The parties have agreed the new long stop date in order to give them the flexibility to complete the merger after the release of the preliminary results," the company said in a statement.
Glencore is still awaiting a green light from antitrust authorities in China and South Africa, having already received a conditional approval from European regulators.
TOKYO - Asian stocks rose on Friday, buoyed by Wall Street's gains the previous day, but investors remained cautious ahead of the U.S. nonfarm payrolls report later in the session.
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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.