EU says to rule on Xstrata-Glencore tie-up Nov 8
(BRUSSELS) - The European Commission will announce November 8 its competition finding on the massive tie-up between Swiss mining giant Xstrata and commodities trader Glencore to create a global leader.
In a technical announcement, the Commission set a provisional ruling date of November 8 after the two companies formally notified Brussels of their merger plans late Tuesday.
Xstrata and Glencore said on Monday they had agreed new terms to create a massive company worth 67 billion euros ($87 billion) and capable of out-muscling all the other giants in the field.
If the merger goes through, 'Glenstrata' will become the world's fourth-biggest commodities company in terms of market capitalisation, after BHP Billiton, Brazil's Vale and Rio Tinto.