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Xstrata, Glencore up on media report that China approves merger
April 16, 2013 / 9:53 AM / 5 years ago

Xstrata, Glencore up on media report that China approves merger

A combination photo shows the logo of Glencore (L) in front of the company's headquarters in the Swiss town of Baar and the logo of Swiss mining company Xstrata (R) at their headquarters in Zug, both taken November 13, 2012. REUTERS/Michael Buholzer

LONDON (Reuters) - Shares in global miner Xstrata XTA.L climbed 6 percent on Tuesday, with traders citing a media report that its takeover by commodities trader Glencore (GLEN.L) had cleared the final regulatory hurdle in China.

Glencore declined to comment.

Bloomberg, citing three people with knowledge of the matter, wrote on Tuesday that China’s Ministry of Commerce agreed to the takeover and an announcement is expected later or on Wednesday.

Glencore was expected to agree to concessions to ease Chinese worries over its grip on the supply of copper, clearing the final regulatory hurdle in its acquisition of Xstrata.

Glencore shares rose 5.2 percent.

Reporting By David Brett, Editing By Toni Vorobyova

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