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Glencore shareholders back Xstrata merger

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November 20, 2012 06:23 AM EST | AP


GENEVA — Shareholders in Glencore International PLC, one of the world's biggest commodity traders, have voted to approve a merger with Anglo-Swiss mining company Xstrata PLC.

The company says the deal won approval from 99 percent of Glencore's investors. Xstrata shareholders will vote later Tuesday.

However the merged company, which would have a $70 billion market capitalization, still requires antitrust approval from regulators in the European Union and China.

Glencore already is the largest shareholder in Xstrata, with a 34 percent stake. The next biggest shareholder is the sovereign-wealth fund Qatar Holding LLC, with a 12 percent stake.

Glencore is based in the Swiss town of Baar but has its main stock listing in London. Xstrata is based in the neighboring city of Zug.