Glencore-Xstrata Deal Nears Completion on China Approval

Glencore International Plc (GLEN), the largest publicly traded commodities supplier, said it expects to close the $30 billion takeover of Xstrata Plc (XTA) next month after agreeing with Chinese regulators to sell a Peru copper mine. The Ministry of Commerce in Beijing yesterday approved the deal, provided the new company disposes of the Las Bambas mine, according to a statement on the ministry’s website. BMO Capital Markets values the asset at $6.5 billion, while Liberum Capital Ltd. estimates it is worth $4.4 billion. China’s signoff removes the last obstacle to completing the 14-month-old acquisition. Glencore’s largest shareholder and Chief Executive Officer Ivan Glasenberg is poised to...