I think Glencore would struggle to get regulatory approval for a...

I think Glencore would struggle to get regulatory approval for a CEY takeover.

It's more of a case that Glencore finds itself with a small unmarketable holding in AUO from which it will get no dividends nor marketing rights.

So it has few options other than to take over CEY (unlikely), to accept CEY's offer and sell the CEY stake to an insto (for a tidy profit), or try dirty underhand tactics to buy more AUO. Looks like it's going for the last option.