Glencore-Xstrata mega-merger plan goes into second period of extra time
Saturday 22 September 2012
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.
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