Glencore said last Tuesday it had again extended the date by which it expects to close its merger with Xstrata, due to the ongoing investigation into the deal in China.
Glencore has been waiting for several months for China, the biggest buyer of the materials it trades and mines, to give the go-ahead before it can complete its $35 billion acquisition of miner Xstrata, the largest deal in the sector to date.
Glencore said it had held constructive discussions with China’s Ministry of Commerce, or MOFCOM, but that it had pushed the deadline date back to May 2 because it did not expect to have the final approval in time for its previous deadline of April 16.