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/ By Albert Hecht /
The long drawn out merger between Switzerland-based commodities group Glencore International headed by Ivan Glasenberg and the mining group Xstrata has been delayed yet again, with a new target date of April 16 being set.
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According to a Glen: company spokesman, the hold-up to completing the Xstrata merger, remarkable for its intricacies, is now largely dependent on receiving regulatory approval in China.
Shareholders of Xstrata and Glencore voted as far back as November of last year in favor of the $31 billion merger between the two Switzerland-based commodity giants The first deadline for the merger was January 31st, a date which was far away from being met, and it was felt that the March 15th deadline would be sufficient to finalise the details of the merger.
However, despite the delay, Glencore’s CEO Ivan Glasenberg has seen his efforts recognized by being awarded the FT/ArcelorMittal ‘Person of the Year’ award, which he picked up at the Financial Times and ArcelorMittal’s Boldness in Business awards ceremony held at London’s Royal Institute of British Architects on Wednesday March 20.
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