Deals
Glencore-Xstrata Cleared by China as Davis Waives CEO Role
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Glencore International Plc, the world’s largest publicly traded commodities supplier, cleared the final regulatory hurdle in its $30 billion acquisition of Xstrata Plc after gaining approval from Chinese authorities.
China’s Ministry of Commerce agreed to the takeover on the condition the new company sells the Las Bambas copper mine in Peru, according to a statement on the ministry’s website today. Mick Davis, Xstrata’s chief executive officer, won’t serve six months in the role at the new company as previously announced, the companies said in separate statements.