Statement by Antoine Colombani, Spokesperson of Joaquín Almunia, on the approval by the EC of Glencore's acquisition of Xstrata, subject to conditions
On 22 November 2012, Antoine Colombani, Spokesperson of Joaquín Almunia, Vice-President of the EC in charge of Competition, made a statement on the approval by the European Commission of Glencore's acquisition of Xstrata, subject to conditions.
The EC has cleared, under the EU Merger Regulation, the proposed acquisition of Xstrata, the world's fifth largest metals and mining group, by Glencore, the world's leading metals and thermal coal trader. The clearance is conditional on the termination of Glencore's off-take arrangements for zinc metal in the European Economic Area (EEA) with Nyrstar, the world's largest zinc metal producer, and the divestiture of Glencore's minority shareholding in Nyrstar. The EC had concerns that the merged entity would have the ability and incentive to raise prices for zinc metal, an important input for many EU industries. The commitments address these concerns. SHOTLIST