Deals
Glencore Wins EU Approval for $33 Billion Xstrata Deal
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Glencore International Plc won European Union approval for its $33 billion takeover of Xstrata Plc after offering to end a zinc-purchase agreement with Nyrstar NV and to sell its stake in the largest producer of the metal.
Glencore’s offer to scrap an accord to sell Nyrstar’s zinc output in Europe and divest its stake of about 7.8 percent eliminated EU antitrust concerns that the combination with Xstrata would have been able to raise prices for zinc metal, the European Commission said in an e-mailed statement today. It will avoid buying Nyrstar’s European zinc for 10 years.