Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
South Africa’s Competition Tribunal announced Monday it would publish its decision on the proposed takeover of miner Xstrata (LON:XTA) by global commodities trader Glencore (LON:GLEN) on Tuesday.
On Friday, South Africa’s state-owned electricity provider, Eskom Holdings Ltd., withdrew its official complaint lodged with the country’s competition authorities over the merger.
Eskom’s support means that China may be one of the last obstacles standing between the companies and their $33 billion merger, to be the world’s fourth-largest diversified miner.
The parties are waiting for the official approval from antitrust authorities in South Africa and China. They have already received a conditional approval from European regulators and both companies’ shareholders.
The merger is scheduled to be completed on March 15.
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