GO
Loading...

EU regulators to decide on Glencore, Xstrata deal by Nov 8

BRUSSELS, Oct 3 (Reuters) - EU antitrust regulators will decide by Nov. 8 whether to clear commodities trader Glencore's

$33 billion takeover of miner Xstrata , the European Commission said on its website on Wednesday.

Glencore, the world's largest diversified commodities trader, formally notified the EU watchdog of its takeover offer on Tuesday.

It launched its bid in February for the shares in Xstrata it did not already own and raised its price last month after opposition from Xstrata's No. 2 investor Qatar's sovereign wealth fund.

Asset manager BlackRock Inc also holds stakes in the miner.

Glencore is expected to seek EU clearance for the deal during the preliminary review and may offer concessions to avoid a lengthy in-depth investigation, which could take as long as 105 working days.

EU regulators may focus on the companies' combined market power. Together the two would be the world's largest thermal coal exporter, the biggest producer of both zinc and ferrochrome and the world No. 3 copper producer.

Xstrata is one of the world's largest thermal coal exporters and the fourth-largest copper miner. Chinese approval is seen as the other major regulatory hurdle for the deal.

(Reporting by Foo Yun Chee, editing by Adrian Croft)

((foo.yunchee@thomsonreuters.com; +32 2 287 6844; Reuters Messaging: foo.yunchee.thomsonreuters.com@reuters.net))

Keywords: GLENCORE XSTRATA/EU