Australian Regulator Won't Block Glencore-Xstrata Merger
07/04/2012| 07:42pm US/Eastern
By Robb M. Stewart
MELBOURNE--Australia's antitrust regulator has said it won't oppose Glencore International PLC's (>> Glencore International Plc) takeover of Xstrata PLC (>> Xstrata PLC), a deal that stands to create a mining juggernaut with a market capitalization of US$57 billion.
The Australian Competition and Consumer Commission's 47-day review of the proposed acquisition was completed Wednesday, and found the deal was "unlikely to cause a substantial lessening of competition in any of the relevant Australian markets," the regulator said in a document released on its website.
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