So much for D-Day in the unending saga of the Glencore-Xstrata tie-up.
Hot off the RNS feed on Friday:
Extension to merger timetable
Zug, 21 September 2012
Glencore International plc (“Glencore”) and Xstrata plc (“Xstrata”) today jointly requested an extension from the Takeover Panel (the “Panel”) to the deadline by which the independent non-executive Xstrata directors will announce their response to Glencore’s revised merger proposal.
The extension was requested to enable Xstrata’s independent non-executive directors to take full account of feedback from consultation with key Xstrata shareholders.
An extension has been granted by the Panel and the independent non-executive Xstrata directors will announce their response by 07h00 London time on Monday 1 October 2012.
The independent non-executive directors of Xstrata seemingly need more time to consider feedback from key Xstrata shareholders.
Presumably, they’ve still not seen the following from one Marc Rich on the benefits associated with a merging into an entity like Glenstrata:
“The larger a company is, the more market power it has, and that makes it easier to control price-setting. In the end, this means higher profits,” Mr Rich is quoted as saying in an interview in Friday’s edition of Swiss magazine Bilanz.
Glencore and Xstrata in crunch meetings – FT