The merger of Glencore and miner Xstrata is set to win the blessing of Europe’s top antitrust watchdog this week after the commodities trading house improved its offer to address Brussels’ outstanding competition concerns.
Glencore secured fast-tracked EU approval – scheduled to be announced today barring any last-minute glitches – by agreeing to terminate a large contract to buy zinc from Nyrstar and to sell its 7.8 per cent stake in the Brussels-listed mining and metals company, people familiar with the situation said.
EU approval is an important breakthrough for the $68bn tie-up and spares the commodities and mining groups from a lengthy investigation.
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