Rio Tinto-Glencore merger could face Chinese regulatory hurdles [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
According to a Reuters report, the companies may need to sell assets to secure approval. Earlier this month, Rio Tinto and Glencore disclosed that they had initiated preliminary discussions regarding the potential merger. Both mining majors provided limited details on the possible structure of the deal or which assets might be involved. They noted that the current proposal involves an all-share acquisition, with Rio Tinto potentially acquiring "some or all" of Glencore. Past large-scale mergers in the mining sector encountered similar regulatory scrutiny from China, such as Glencore's acquisition of Xstrata in 2013, Reuters reported. During the deal, Glencore sold its stake in the Las Bambas copper mine to Chinese buyers for nearly $6bn (41.78bn yuan). China's regulators are expected to examine the potential dominance of a combined Rio Tinto-Glencore entity in the copper and iron ore markets. Rio Tinto has already been considering an asset-for-equity swap to reduce the 11%
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