Commodity trader Glencore's takeover of miner Xstrata has received the backing of Qatar Holdings, Xstrata's second largest shareholder.
On Thursday, Qatar Holdings (QH) released a statement in which it announced: "QH continues to see merit in a combination of the two companies and is satisfied with the terms of the proposed merger, having secured the improved exchange ratio of 3.05 new Glencore shares for every one existing Xstrata share."
Qatar will therefore use its 11.67% shareholding to support the deal at the meetings to be held on November 20th.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Separately, Reuters reports that Glencore has offered to sell Xstrata's German zinc smelter to win EU regulatory approval for the deal.
CM
-
8 of the best houses for sale with outdoor swimming poolsThe best houses for sale with outdoor swimming pools – from a family house in Wimbledon Village, London, to a 1640s mansion in Derbyshire with a heated swimming pool in the grounds
-
Trouble brews in B&M as bargain shops take a hitOpinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
