The world's biggest mining merger is on hold for another week after Glencore and Xstrata demanded more time to complete the $80bn (£53bn) deal.
The extension to Monday's original Takeover Panel deadline until October 1 further draws out the long-running saga as Xstrata's independent directors sought more time to consult major shareholders.
Glencore, Xstrata's biggest investor with a 34 per cent stake, first approached Xstrata over the mega-merger, which would create a commodities and trading giant, in February. Chief executive Ivan Glasenberg sweetened his offer for the company earlier this month to rescue the deal after Xstrata's second-biggest investor Qatar Holding demanded improved terms in June.
Qatar owns more than 12 per cent of Xstrata, giving it a key position in a deal structure that allows just 16.5 per cent of Xstrata shareholders to block any bid. Analysts still expect the deal to go ahead.Reuse content