Xstrata's proposed acquisition of Eland Platinum has been approved by South Africa's Competition Tribunal.

This follows the Competition Commission's recommendation that the deal, which would see Xstrata pay 105R per share, be approved without conditions last month.

Xstrata made its takeover intentions public in August, when the offer was valued at R7.5 billion. The firm has since secured backing from 51 per cent of its shareholders, including directors and management.

The Swiss-based miner announced at the time that it was looking to increase its platinum interests to take advantage of the precious metal's high prices.

Analysts have also identified two further operations in South Africa as potential targets for Xstrata.

These are a mine currently being developed by Eastern Platinum and the Pandora joint venture between Anglo Platinum, Lonmin Platinum and black empowerment partner Mvela Resources, Reuters reports.

Xstrata's first move into the platinum market came with its entry into the Mototolo joint venture with Anglo Platinum in August 2005.

Source:

UPDATE 1-SAfrica Tribunal OKs Xstrata bid for Eland Platinum, 18/10/07
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=mergersNews&storyID=2007-10-18T113533Z_01_L18630091_RTRIDST_0_XSTRATA-ELAND-TAKEOVER-UPDATE-1.XML

Tribunal nods $1bn Eland takeover, 18/10/07
http://www.fin24.co.za/articles/default/display_article.aspx?ArticleId=1518-24_2204793

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