25 Aug 2012
(MENAFN) Once again, Qatar Holding, the investment arm of Qatar Investment Authority (QIA), has increased its shareholding in Xstrata, in a standoff with rival investor Glencore, Reuters reported.
Qatar Holding has acquired almost USD38 million worth of additional shares in the miner, bringing its stake to over a2 percent.
Glencore, Xstrata’s largest shareholder with 34 percent, is offering 2.8 new shares for every Xstrata share held to secure a tie-up it hopes will create a mining and trading powerhouse.
But Qatar, the second largest shareholder in the takeover target, is standing in the way demanding a ratio of 3.25.
Qatar has been incrementally building up its stake in Xstrata since late July, when it owned just under 11 percent.
Glencore recently said it could walk away from its USD30 billion bid for Xstrata, saying it was not a “must-do” deal. Xstrata shareholders are due to vote on the deal on September 7.
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