Glencore have removed the deadline of the 15th of March for completing the acquisition of mining giant Xstrata after failing to get regulatory approval from Chinese authorities in time.

The delay is the third time that the takeover has been postponed following a series of obstacles. These have included Qatar using their stake to block the proposal and Xstrata shareholders going against parts of the takeover plan.

The takeover will create a company worth around £50 billion, with 130,000 employees spanning more than 40 countries. The acquisition has already achieved approval from the EU and South American authorities with Chinese regulator approval representing the final huddle for the protracted takeover.

Europe set to approve Xstrata Glencore merger