Xstrata gets extra week to decide Glencore takeover bid

Britain’s takeover regulator has given global miner Xstrata an extra week to decide whether to accept the US$36-billion revised offer from Glencore, in the latest twist in the long-running saga.

The unexpected extension — granted at the request of both firms — briefly unnerved investors in the two groups, who had been expecting Xstrata to announce its decision by Monday at the latest.

Shares in Xstrata and Glencore initially slipped 3.2% and 2.3% respectively on the news before recovering slightly.

Xstrata was down 2.3% at 11:21 a.m. EDT (1521 GMT) and Glencore stock was down 1%.

Read Full Article from National Post

- Posted: 2012-09-21 13:47:01

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