China has cleared Glencore’s $64bn merger with Xstrata after the trading house agreed to sell a mining project to end 15 months of haggling over one of the largest ever deals in the natural resources industry.
The long-awaited approval from Beijing clears the last big hurdle to create one of the world’s largest companies in the natural resources industry, combining production and trading.
Glencore said that in order to assuage concerns from China about its influence in the copper market following the merger it would sell Las Bambas, a big copper project in Peru. In addition, the trader agreed to continue to supply China with copper ore at the same rate as it and Xstrata collectively have done over the past two years.
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