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FINANCIAL NEWS
Qatar Holding will vote against Xstrata-Glencore merger terms
01 Sep 2012
(MENAFN) Qatar Holding has rejected the terms of the Xstrata’s proposed merger with commodity giant Glencore, confirming it would vote against the deal, Reuters reported.
Qatar Holding, who has been building stake in Xstrata since July, said it will not support the proposed merger terms of 2.8 new Glencore shares for every one existing Xstrata share.
The investment fund added that it would vote its entire holding at a shareholders meeting on September 7.
In February, Glencore unveiled plans to merge with Xstrata, creating a USD90 billion powerhouse in the commodities industry, but Qatar Holding, the second biggest shareholder in Xstrata demanded for better terms.
Qatar Holding said an exchange ratio of 3.25 Glencore shares “would provide a more appropriate distribution of benefits of the merger whilst recognising the intrinsic stand-alone value of Xstrata.”
Last month, Glencore CEO Ivan Glasenberg warned that the company may take off its offer if the terms were not right.
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