Britain's takeover regulator has given global miner Xstrata an extra week to decide whether to accept the $36-billion revised offer from Glencore, in the latest twist in the long-running saga.
The unexpected extension - granted at the request of both firms - briefly unnerved investors in the two groups, who had been expecting Xstrata to announce its decision by Monday at the latest.
Shares in Xstrata and Glencore initially slipped 3.2% and 2.3% respectively on the news before recovering slightly.
Xstrata was down 2.3% at 15:21 GMT and Glencore stock was down 1%.
"The extension was requested to enable Xstrata's independent non-executive directors to take full account of feedback from consultation with key Xstrata shareholders," Xstrata said in a brief statement.
It now has until October 1 to say whether or not it will recommend Glencore's offer to shareholders. Analysts said they still expected the deal to go ahead.
Glencore, Xstrata's biggest shareholder, raised its offer for the company earlier in September to rescue the deal after Xstrata's second-biggest investor Qatar Holding demanded improved terms in June.
Qatar owns more than 12% in Xstrata giving it a key position in a deal structure which allows just 16.5% of Xstrata shareholders to block any bid.
Investors have been broadly supportive of the revised offer, though Qatar has yet to make its view public. Earlier this month it said it was considering its position.
Edited by: Creamer Media Reporter
