Newspaper article International Herald Tribune

Qatar Undecided on Glencore Offer ; Sovereign Fund Reviewing Firm's Improved Terms for Merger with Xstrata

Newspaper article International Herald Tribune

Qatar Undecided on Glencore Offer ; Sovereign Fund Reviewing Firm's Improved Terms for Merger with Xstrata

Article excerpt

The country's sovereign wealth fund said it would study Glencore's new offer, taking into account the views of Xstrata's board before making a decision.

Glencore International, the world's biggest commodities trader, will have to wait a bit longer to see whether its increased all- share offer for the mining giant Xstrata will be backed by one of that company's largest shareholders.

Qatar Holding, a sovereign wealth fund that owns 12 percent of Xstrata, said Tuesday that it had yet to decide about the new offer from Glencore, which raised its bid to 3.05 of its own shares for each share in Xstrata.

To succeed, the deal must be supported by at least 75 percent of Xstrata's shareholders.

The sovereign wealth fund had called on Glencore executives to improve their initial offer of 2.8 of its shares for each of Xstrata's, and drummed up support from other investors, including the activist hedge fund Knight Vinke, to reject the bid.

The shareholder unrest led Glencore to revise its proposal, though Glencore also demanded that its chief executive, Ivan Glasenberg, take over as head of the combined company earlier than had been planned. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.