UPDATE:Glencore, Xstrata Don't Expect Competition Concerns In EU Review

Glencore International PLC (GLEN.LN) said Friday that the European Commission has been formally notified of Glencore's merger proposal with Xstrata PLC (XTA.LN) and it doesn't expect the commission to raise any competition concerns.

Glencore said that it has held constructive consultation with the commission and has decided to formally notify the commission of its merger of equals with Xstrata, a merger that would create the world's fourth largest diversified miner by market capitalization with products and trading services in a wide range of products including oil, base metals, precious metals, shipping and agriculture.

"The parties expect the merger between Glencore and Xstrata not to result in any negative impact on competition in the commodity markets in which the two companies operate," Glencore said in a statement.

"In fact, the merged firm is expected to be able to offer customers a wider range of products and services and provide improved security of supply to satisfy customer demand," the company said.

"Glencore and Xstrata are familiar with the commission's merger control process and together look forward to working with the commission in a process which avoids the need for multiple filings with national member state authorities," Glencore said.

Glencore and Xstrata have proposed a merger of equals that at the time of announcement would create a commodities juggernaut with a market capitalization of around $90 billion.

Mining analysts have previously said the proposed merger is unlikely to present any major anti-trust issues since Glencore, which already owns a 34% stake in Xstrata, already has commercial agreements for several of Xstrata's products.

-By Alex MacDonald, Dow Jones Newswires; 44 20 7842 9328; alex.macdonald@dowjones.com

Glencore Xstrata (PK) (USOTC:GLCNF)
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