On 16 April 2013, the Ministry of Commerce of the People’s Republic of China (MOFCOM) gave conditional approval to the Glencore/Xstrata merger, two Swiss commodities traders. Glencore is the world’s leading metals and coal miner and trader, producing and trading in a range of commodities and raw materials. Xstrata is the world’s fifth largest metals and mining group. It has five major businesses: alloys, coal, copper, nickel and zinc-lead.
MOFCOM was the last approval pending, following clearances in Australia, Europe and South Africa. The approval took over 12 months from the application date, and involved terms requiring divestiture of assets, supply terms and the appointment by Glencore of an independent monitoring trustee to monitor and report on Glencore’s performance of conditions set by MOFCOM.