LONDON: Glencore’s $33bn takeover of miner Xstrata looked set to clear a regulatory hurdle on Monday as South Africa’s Competition Commission recommended that the deal was given the go-ahead.
Reuters reported that Glencore, the world’s largest diversified commodities trader, is still waiting for approval from EU antitrust regulators and China’s Ministry of Commerce to buy the roughly 66 per cent of Xstrata it does not already own.
The Competition Commission of South Africa, where both companies mine thermal coal, said it recommended that the country’s Competition Tribunal, its anti-trust regulator, approve the deal subject to conditions agreed with Glencore regarding the employment of around 180 employees.
“The commission concluded that the transaction is not likely to lead to a substantial prevention or lessening of competition,” it said in a statement.