The Glenstrata glitch | FT Alphaville

The Glenstrata glitch

Can it really be true that advisers to Glencore and Xstrata  did not envisage a referral to the competition authorities in Brussels when planning their $90bn $80bn merger?

Seems so…

Glencore International plc and Xstrata plc are currently engaged in constructive discussions with the regulatory authorities which require anti-trust filings to be submitted in connection with the proposed merger, including the European Commission. The companies continue to expect to receive all relevant approvals to enable completion of the merger in the third quarter of 2012, as previously announced. Documentation relating to the merger is now anticipated to be distributed to each company’s shareholders by the end of May 2012, instead of in April as originally announced on 7 February 2012. Respective shareholder meetings to approve the merger are expected to be convened in early July 2012.

The Panel on Takeovers and Mergers has given its consent to these arrangements.

There’s an identical statement from Xstrata here.

Shocking and bizarre.