News Headline Summary

Glencore (GLEN LN) wins conditional EU approval for USD 32bln Xstrata (XTA LN) deal

Update details:

- Glencore won EU regulatory approval for its merger plan with Xstrata after agreeing to cut its European Union zinc market share to below 40%. Glencore now requires only clearance from China's Ministry of Commerce and a final approval from competition authorities in South Africa, before the deal can complete.

Reaction details:

- Xstrata and Glencore shares unreactive initially, both trade near session highs at GBP 10.19 up 2.21% and GBP 3.41 up 2.23%.
- As the session progresses, both co. shares gained around 0.40%.

Print 12:00, 22 Nov 2012 - FTSE 100 - Source: Newswires