Qatar’s sovereign wealth fund has increased its stake in Xstrata to nearly 6.3% from 5% just 10 days ago and is now the second-largest holder in the miner ahead of its proposed $48.4bn merger of equals with Glencore International.
The QIA’s latest build makes any attempt to block the deal more difficult. Many Xstrata shareholders are pushing for a better deal than the one on the table, in which Glencore will give 2.8 shares for each of Xstrata’s shares.
The transaction would give the combined company a market capitalisation of around $90bn at the time the deal was announced.
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