Qatar’s sovereign wealth fund plans to buy at least 10 per cent of Xstrata as part of a long-held strategy to invest in Glencore, suggesting the Gulf state could provide crucial support to the pair’s $90bn merger deal.
The world’s biggest commodities trader and the miner have spent weeks wooing investors but several of Xstrata’s shareholders, including Standard Life and Schroders, have said they would oppose the deal unless Glencore improved its offer of 2.8 shares for each Xstrata share.
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