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Qatar Holding increases stake in Xstrata again

25 Jul 2012

(MENAFN) Qatar Holding, the buyout arm of Qatar Investment Authority (QIA), continued building its shareholding in Xtrata for the second time in a week, taking its already second largest holding in the miner to over 11 percent, Reuters reported.

Qatar spent over USD14 million on Xstrata shares, benefiting from a weak market to take its stake to 11.03 per cent.

Qatar Holding’s share-buyout drive started following commodities trader Glencore’s USD26 billion takeover for Xstrata was announced in February.

The buying stopped after sovereign wealth fund’s surprise announcement in June demanding Glencore to sweeten its offer.

Glencore, already the largest shareholder in Xstrata with 34 percent stake, is seeking to create a mining and trading powerhouse.

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