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MINING: XSTRATA GETS REGULATORY CLEARANCE TO BUY MIM.

The European Commission has cleared the proposed takeover of the Australian mining firm MIM by Switzerland's Xstrata. Approval of the deal was announced on May 20, following a brief scrutiny of the case by the Merger Task Force under the simplified review procedure. Xstrata plc has a range of mining and metals businesses and is owned by Glencore International AG. MIM Holdings is an Australian-based mining and mineral processing company which produces copper, coal, lead, zinc, silver and gold in Australia, the UK and Argentina.

On May 19, MIM announced that its second-half 2003 profits may not exceed the disappointing AUSD33 million (around Euro 20 million) of the first half of the year. Xstrata made its bid to buy MIM on April 8, for AUSD4.93 billion (Euro 2.8 billion). The acquisition is set to make Xstrata the world's top thermal coal producer.

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Publication:European Report
Article Type:Brief Article
Geographic Code:8AUST
Date:May 21, 2003
Words:144
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