On 10 December 2012, Glencore and Xstrata announced the extension of the long stop date for the Merger from 31 December 2012 to 31 January 2013, due to the ongoing regulatory processes in South Africa and China. As those processes remain ongoing Glencore and Xstrata have agreed, with the consent of the Panel, to extend further the long stop date for the Merger to 15 March 2013.
As Glencore is scheduled to release its preliminary results for the year ended 31 December 2012 (the “Preliminary Results”) on 5 March 2013, the parties have agreed the new long stop date in order to give them the flexibility to complete the Merger after the release of the Preliminary Results should they determine that to be appropriate taking into account the status of the regulatory processes in South Africa and China.
Completion of the Merger remains conditional upon the receipt of the outstanding regulatory approvals in China and South Africa and completion of the Xstrata court process as further set out in the New Scheme Document in connection with the Merger published by Xstrata on 25 October 2012 and Glencore giving effect to the commitments required by the European Commission.
About Xstrata plc
We are a major producer of a range of vital commodities used in everything from constructing buildings and delivering electricity, to developing jet engines and mobile phones. We are one of the top five global producers of copper, thermal and metallurgical coal, ferrochrome, zinc and nickel and we also produce silver, lead, platinum, gold, cobalt and vanadium.
Founded in 2002 and headquartered in Switzerland, we operate in over 20 countries and employ over 70,000 people at more than 100 operations and projects around the world. We work in a responsible and sustainable way, with an entrepreneurial spirit and dynamic approach. For more information, visit www.xstrata.com.