China’s Ministry of Commerce approved Glencore International’s (GLEN.LON) US$30 billion buyout of Xstrata (XTA.LON) after the world’s largest listed commodities company agreed to sell a copper mine in Peru, Bloomberg reported, citing a statement on the ministry’s website. The deal was expected to close next month after more than a year of navigating regulatory obstacles such as Chinese regulatory approval. The combined Glencore-Xstrata will be the world’s third-largest copper producer, prompting China to request the selloff of the Las Bambas mine in Peru that Xstrata is developing. The deal will add coal, zinc, copper and nickel mines to Glencore’s already vast commodities portfolio.
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