Glencore Xstrata Las Bambas sale down to final bidder

26th Nov 2013 11:49

One of the Chinese metals groups bidding for Glencore Xstrata's Las Bambas copper project in Peru has dropped out of the race after China lent its support to a rival bid. A group led by giant aluminium producer Chinalco and including copper producer Jinchuan abandoned its bid after refusing to take a minority stake in another offer backed by China's National Development and Reform Commission (NDRC), which must approve all overseas acquisitions.The NDRC's approval was instead given to a group led by China Minmetals Corp and included the metals unit of state-backed Citic Group, according to sources cited by Reuters and Bloomberg. Switzerland-based Glencore agreed to sell the Peruvian project as part of an agreement to win Chinese regulatory approval for its takeover of Xstrata this year and has until September 30th 2014 to find an approved buyer.OH