International commodities trader Glencore International plc (Glencore) has announced that it will not be able to complete the $31 billion takeover transaction for the Anglo-Swiss miner and coking coal producer Xstrata plc (Xstrata) by March 15, 2013, because of the ongoing regulatory process
The planned merger was first announced in February 2012 with Glencore offering 2.8 shares for each Xstrata share, then raising its offer to 3.05 Glencore shares in early September last year.
The merged company is expected to rival Australian mining giant BHP Billiton as the world's biggest miner in five years' time.