LONDON Oct 2 Glencore has formally
notified the European Commission of its $33 billion plan to take
over Xstrata, sources familiar with the matter told
Reuters on Tuesday, setting the European regulatory clock
ticking on the deal.
Once the notification has been acknowledged by the
Commission, the regulator has 25 days to decide whether to
approve, reject or begin an in-depth probe into a plan to create
the world's fourth largest miner.
The European Commission is not the final anti-trust hurdle
for the two companies who also still need approval from China's
Ministry of Commerce (MOSCOM), the newest of the world's
heavyweight regulatory bodies.
The sources did not give any further details on potential
remedial sales which may or may not have been proposed.
Xstrata and Glencore declined to comment.