Glencore International Plc won European Union approval for its $33 billion takeover of Xstrata Plc after offering to end a zinc-purchase agreement with Nyrstar NV and to sell its stake in the largest producer of the metal.
Xstrata Plc rose to a four-month high in London as investors bet a 9 percent increase in Glencore International Plc’s offer for the Swiss mining company boosts the odds this year’s biggest takeover will be completed.
Glencore International Plc Chief Executive Officer Ivan Glasenberg is still waiting for a decision from Qatar on whether it will support this year’s largest takeover, five days after a late-night meeting with the emirate’s prime minister bought more time for the deal.
Glencore International Plc, the largest publicly traded commodity supplier, agreed to buy Viterra Inc. for C$6.1 billion ($6.15 billion) to add grain assets in Canada and Australia as growth in Asia boosts demand.
Canadian stocks fell, led by energy producers, after Germany said its economy probably contracted and natural gas futures sank the most since May on forecasts for milder-than-normal weather in the U.S.
Glencore International Plc met with Qatar’s sovereign wealth fund in London today to try to revive a 16 billion-pound ($25 billion) takeover of Xstrata Plc, three people with knowledge of the situation said.