Qatar lifts Xstrata stake to over 10%
REUTERS
LONDON: Qatar’s sovereign wealth fund has raised its stake in miner Xstrata, in the final stages of a $30 billion takeover by commodities trader Glencore, to over 10 percent, according to a regulatory filing.
Qatar has been building its stake consistently in recent months, buying shares most days since the Glencore takeover bid for Xstrata was announced in February, in a move that has turned the reclusive fund into a potential kingmaker in one of the mining sector’s largest deals to date.
It has gone from less than 3 percent to becoming the largest shareholder in Xstrata after Glencore, which holds a stake of almost 34 percent. It now owns 10.05 percent, including written put options.
Qatar — a keen commodities investor unlike neighbors who have sought to diversify away from natural resources — has yet to make a significant comment on the merger or to back the deal explicitly, but is widely expected to support Glencore’s all-share offer when shareholders vote next month.
Qatar will have over 6 percent of the combined company, according to documents filed last week, below Glencore CEO Ivan Glasenberg, who will have just under 9 percent.
Qatar lifts Xstrata stake to over 10%
