FINANCIAL NEWS

Qatar ups stake in Xstrata to 11.5%

13 Aug 2012

(MENAFN) Qatar has once again increased its stake in Anglo-Swiss miner Xstrata in its standoff with suitor Glencore, Reuters reported.

Qatar Holding has been building its shareholding consistently following commodities trader Glencore’s USD26 billion acquisition offer for Xstrata in February, lifting its stake from 3 percent to almost 11 percent.

In June, Qatar Holding made an unexpected demand from Glencore to sweeten its offer terms to support the deal.

It resumed buying in late July and has since upped its stake incrementally. Qatar Holding now holds 11.456 percent, according to a regulatory filing.

Glencore, already owns 34 percent of Xstrata, seeks to secure the acquisition deal to create a mining and trading powerhouse.

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