CORRECT:Glencore, Xstrata Don't Expect Competition Concerns In EU Review
24 2월 2012 - 6:43PM
Dow Jones News
LONDON (Dow Jones)-- Glencore International PLC (GLEN.LN) said
Friday that it will formally notify the European Commission of its
merger proposal with Xstrata PLC (XTA.LN) and 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
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