Glencore and Xstrata merger waits on final hurdle

The mining and commodity trading giants Glencore and Xstrata have just one regulatory hurdle left before they consummate their £56bn merger, after South Africa's competition authorities gave the green light.

The transaction, which has also received backing from its investors, now only needs clearance from China, which the companies expect to secure in the coming months.

Meanwhile in South Africa Gwede Mantashe, secretary general of the ruling African National Congress, accused the FTSE 100 giant Anglo American of "stealing our money". It owns 80 per cent of the platinum miner Amplats, which is axing 14,000 South African jobs to cut costs.

Mr Mantashe said South Africa needs to take "a bigger interest and control" of mines.