LONDON Oct 22 (Reuters) – Glencore’s $33 billion
takeover of miner Xstrata looked set to clear a
regulatory hurdle on Monday as South Africa’s Competition
Commission recommended that the deal was given the go-ahead.
Glencore, the world’s largest diversified commodities
trader, is still waiting for approval from EU antitrust
regulators and China’s Ministry of Commerce to buy the roughly
66 percent of Xstrata it does not already own.
The Competition Commission of South Africa, where both
companies mine thermal coal, said it recommended that the
country’s Competition Tribunal, its anti-trust regulator,
approve the deal subject to conditions agreed with Glencore
regarding the employment of around 180 employees.
“The commission concluded that the transaction is not likely
to lead to a substantial prevention or lessening of
competition,” it said in a statement.
© Thomson Reuters 2012 All rights reserved
