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Xstrata to delay vote on Glencore merger

Negotiations over the merger of Xstrata and Glencore are likely to drag on over the summer.

09 July 2012

A proposed merger between mining firm Xstrata and commodities trader Glencore is set to be delayed after the miner pushed back a vote on the plans.

It is now expected to be September before the $60 billion (£38.76 billion) deal is put to shareholders for approval, which will give Glencore and sovereign wealth fund Qatar Holdings more time to use negotiation strategies to come up with a deal to save the merger.

A person familiar with the situation told the newspaper: "We are going to enter a rather long period over the summer of negotiations."

The publication noted the delay will allow all parties to update their investors with fresh financial information, as well as avoiding the Olympics Games that take place in London from July 27th to August 12th.

Issues have arisen as Glencore and Qatar Holdings - which is the second-largest shareholder of Xstrata with an 11 per cent stake - have disagreed on the valuation of the miner, which has put the merger in jeopardy.

Xstrata operates in over 20 countries and employs more than 70,000 people around the world.

Posted by Ron Maverick

Source: Financial Times, July 8th
 

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