LONDON (Reuters) - Belgium’s Nyrstar (NYR.BR) said on Thursday it had begun negotiations with Glencore (GLEN.L) on a settlement to end a long-standing sales agreement, a condition set by European regulators for the trader’s acquisition of Xstrata.
Europe’s antitrust regulator said earlier it had cleared the $33 billion takeover of miner Xstrata XTA.L, but said Glencore must end a zinc sales deal with Nyrstar in Europe and sell its stake in the world no. 1 zinc producer.
“In order to terminate or make any adjustment to the off take agreement, a settlement must be negotiated between Nyrstar and Glencore,” Nyrstar said in a statement.
Reporting by Clara Ferreira-Marques; Editing by Chris Wickham