Glencore and Xstrata in new tie-up delay

Commodities giant Glencore and miner Xstrata today pushed back the deadline for completion of their £56 billion mega-merger for the second time, blaming lengthy delays at watchdogs in China and South Africa.

The companies, which have already received crucial European regulatory and shareholder approval, have agreed with the UK Takeover Panel to postpone the “long stop date” for completing the deal by six weeks to March 15.

However, the deal is expected to receive the green light from both China and South Africa, with few if any conditions. It won European approval in November after offering to end a zinc-purchase pact with Switzerland’s Nyrstar.

Glencore will release its full-year results for 2012 on March 5.