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FinancialNews


  • 26-08-12

    Qatar may increase stake in Xstrata to 25%: The Telegraph

    (MENAFN) Qatar Holding may continue building up its shareholding in Xstrata to 25 percent in case the miner's planned merger with Glencore fails, The Telegraph reported. Qatar Holding, the investment vehicle of Qatar Investment Authority (QIA), has been incrementally raising its stake in Xstrata since late July, when it owned just under 11 percent. Qatar Holding, which recently increase its stake in Xstrata to over 12 percent for USD38 million, is said to have given its full backing should shareholders block the tie-up with Glencore, the newspaper said. If the merger deal collapses, Xstrata's shares would decline, enabling Qatar to buy further shares at a bargain price and would block any future deals without its approval. Glencore is offering 2.8 new shares for every Xstrata share held as part of a proposed USD58 billion takeover of Xstrata. Qatar Holding said it will vote against the merger unless Glencore improves the terms of its offer.

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