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Glencore International PLC, Eskom Holdings Ltd Reach Pact; Complaint On Xstrata Plc Merger Withdrawn-DJ

Friday, 18 Jan 2013 05:21am EST 

Dow Jones reported that South African state-owned electricity provider Eskom Holdings Ltd has withdrawn its official complaint with South Africa's competition authorities regarding Glencore International PLC proposal to merge with Xstrata Plc in a deal. The complaint was withdrawn after reaching a mutual agreement with Glencore that provides a framework for the two to cooperate with each other and which governs 'the interaction between them regarding existing and future coal supply agreements'. The news came shortly after the South African Competition Tribunal began hearings on outstanding complaints from Eskom and The National Union of Metal Workers. The hearings are scheduled to end January 28. Eskom previously said it was concerned about its ability to obtain sufficient and competitively priced coal, but it noted that it didn't want to block the merger. The National Union of Metal Workers said it would seek limits on layoffs. Eskom would no longer attend the hearings. The hearings are expected to continue, however, since the metals workers' union hasn't withdrawn its complaint.