Glencore deal OK'd by Europe

New York Times News Service /

LONDON — Glencore International gained European regulatory approval Thursday for its $32 billion takeover of the mining company Xstrata, after agreeing to sell assets and reduce its operations in Europe to satisfy antitrust concerns.

On Tuesday, Xstrata’s shareholders voted to back the multibillion-dollar takeover.

On Thursday, the European Union ordered Glencore to sell its 8 percent stake in Nyrstar, the world’s largest zinc producer. In an effort to increase competition in the European zinc market, Glencore also must end an agreement with Nyrstar to sell the company’s zinc.

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