Qatar voices support for Glencore's Xstrata bid
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Qatar voices support for Glencore's Xstrata bid

Qatar voices support for Glencore's Xstrata bid

Qatar Holdings has given its support to commodity trader Glencore's $32bn takeover of Swiss miner Xstrata, Bloomberg has reported. Qatar said it would vote for two key resolutions on the takeover, which is aimed at creating a mining and trading powerhouse. Qatar Holdings, which owns 12% of Xstrata and is the largest shareholder behind Glencore, said it would abstain from voting on a multimillion-pound management retention plan, which increases the chances of that aspect of the deal being voted down. The support for the deal, first announced in February, came after its surprise opposition to terms in June and brought Glencore within weeks of sealing its long-running pursuit of Xstrata.

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