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Regulator gives Xstrata more time to decide on Glencore bid
- Qatar: Sunday, September 23 - 2012 at 09:25
UK regulators have given mining group Xstrata an additional week to decide whether to accept the $36bn revised offer from Glencore, in an unexpected extension that surprised the market, which had been expecting Xstrata to announce its decision by Monday at the latest, Reuters has reported. Glencore, already Xstrata's biggest shareholder, raised its offer to 3.05 shares for every Xstrata share held from a previous offer of 2.8 shares, in a last-ditch attempt to rescue the deal after Xstrata's second-biggest investor Qatar Holding demanded improved terms in June. Qatar owns more than 12% in Xstrata, giving it a key position in a deal structure which allows just 16.5% of Xstrata shareholders to block any bid.
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