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Mega-merger backed by European Commission

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Mega-merger backed by European Commission

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One of the biggest takeovers in mining history has been given the go-ahead by the European Commission.

The deal between commodities trading company Glencore and mining firm Xstata was agreed earlier this week at a cost of 26 billion euros.

But the Commission said the company must scrap an exclusive European zinc sales agreement with producer Nyrstar. That will cut its share of the European zinc market from roughly half to below 40 percent.